Dear City Council Members
Justin Hess, City Manager
Courtney Padgett, Assistant City Manager
Jennifer
Becker, Financial Services Director
Joe Lillio, CFO Burbank Water & Power
This report fulfills City, Youth Endowment Services Fund, Parking Authority, Public Financing Authority, Successor Agency to the Redevelopment Agency and Housing Authority resolutions.
CITY PORTFOLIO OVERVIEW
The City must maintain $115 million in liquidity at all times (maturities within one year plus real estate taxes due from the County in April and December) to meet
our projected budgeted expenditures. We currently have $209 million in liquidity, with $36 million in our account at the Morgan Stanl ey Institutional Liquidity Fund – Government Portfolio, $74 million in our account at the California Asset Management Program, $51 million in investments maturing within a year and $48 million in real estate taxes due in April and December.
The City Investment Pool ended December at $581 million, up from November’s balance of $553 million. Market value came in at 97.02% in December, up from 96% in November. The weighted average yield of the portfolio at cost at the end of the month is 3.32% and the total rate of return at book value fiscal year-to-date is 3.24%.
MARKET OUTLOOK
The US economy continues to defy expectations, and an increasing number of economists believe that a soft landing is likely, instead of the recession previously forecasted. The job market remains strong with the unemployment rate at 3.7% and employers adding 353,000 jobs in January, on top of the 3.1 million jobs added in 2023, more than the 2.7 million previously reported. GDP also exceeded expectations, coming in at a 3.3% annual rate in Q4 of 2023, higher than the average of the five years before the pandemic. Inflation is now hovering just slightly above the 2% target. The key continues to be the strength of
US consumer spending. A recent report by Beacon Economics suggests that part of the resilience of the US consume r stems from the significant wealth build-up and increase in income people have experienced since the pandemic. US household net worth, for example, has increased 32% since 2019. Total checking account deposits rose from around $1 trillion in 2019 to over $4 trillion in 2023. Those with less than a high school degree saw the highest rates of increases in their income, likely resulting in increased consumer spending due to a higher marginal propensity to consume. Consumer debt as a percentage of disposable personal income remain much lower than historical averages.
CITY OF BURBANK – OFFICE OF THE CITY TREASURER
275 East Olive Avenue,
PO Box 7145, Burbank, CA 91510-7145
(818)238 -5880
City of Burbank Investment
Portfolio Report for December 202 3
Dated February 6, 2024
ATTACHMENT 1
With the strength of the economy, Fed Chair Powell, in a recent interview on 60 minutes, reiterated that the Fed will need more economic data to gain confidence that inflation is continuing to drop to 2% and that rate cuts as soon as March is unlikely at this point. Furthermore, it will likely be at a slower pace that what the market anticipates. He explains that the “danger of moving too soon is that the job's not quite done, and that the really good readings we've had for the last six months somehow turn out not to be a true indicator of where inflation's heading. We don't think that's the case. But the prudent thing to do is
to, is to just give it some time and see that the data continue to confirm that inflation is moving down to 2% in a sustainable way.” Krystle Ang Palmer
City Treasurer
CC: Konstantine Anthony, Council Member/Liaison to Treasurer’s Office Zizette Mullins, Council Member/Liaison to Treasurer’s Office Darin Guggenheimer, Treasurer’s Oversight Review Committee Member Norelyn Kurasz, Treasurer’s Oversight Review Committee Member Richard Martin, Treasurer’s Oversight Review Committee Member Scott Rife, Treasurer’s Oversight Review Committee Member
Asset Category | Policy Maximum
Face Amount/Shares
Market Value
Book Value
% of Portfolio MV
YTM @ Cost
Days To Maturity
CD | Negotiable | 30 %
56,105,000 55,837,029 56,105,000 9.60
4.43 946
Joint Powers Authority Pool | 25 %
73,823,652 73,823,652 73,823,652 12.70
5.55 1
Medium Term Note | 30 %
102,086,000 98,552,626 101,185,671 16.95 2.82 795
Money Market | 20 %
35,690,710 35,690,710 35,690,710 6.14
5.25 1
Municipal Bonds | 30 %
69,645,000 65,513,080 67,454,921 11.27 3.09 1,016
Supranational Obligations | 15 %
24,000,000 22,499,610 23,893,913 3.87
1.74 871
US Agency | 90 %
215,200,000 203,733,771 214,814,493 35.04
2.45 1,006
US Treasury | No Limit
27,000,000 25,816,650 26,335,208 4.44
3.27 676
Total / Average
603,550,362 581,467,128 599,303,568
100.00
3.32 763
INVESTMENT POLICY COMPLIANCE
I certify that the City's Investment Portfolio is in full compliance with the City's Investment Policy and California Government Code Section 53601, and I believe the Investment Pool contains sufficient cash flow from liquid and maturing securities, bank deposits, and income to meet the City's expenditure requirement for the next six months.
CITY OF BURBANK
OFFICE OF THE CITY TREASURER
Investment Report | December 2023
Date
Krystle Ang Palmer, City Treasurer
LAIF | Successor Agency
LAIF | Housing Authority
1,600,000
600,000
Total
1,589,669 1,600,000
596,126 600,000
605,750,362 583,652,923 601,503,568
2/6/24
Asset Category Allocation
Asset Category | Policy Maximum
Market Value
11/30/2023
% of Portfolio
11/30/2023
Market Value
12/31/2023
% of Portfolio
12/31/2023
CD | Negotiable | 30 %
55,774,321
10.08 55,837,029
9.60 Joint Powers Authority Pool | 25 %
73,477,170
13.28 73,823,652
12.70 Medium Term Note | 30 %
97,490,086
17.62 98,552,626
16.95 Money Market | 20 %
6,608,236
1.19 35,690,710
6.14 Municipal Bonds | 30 %
64,486,771
11.66 65,513,080
11.27 Supranational Obligations | 15 %
22,226,790
4.02 22,499,610
3.87 US Agency | 90 %
207,633,027
37.53 203,733,771
35.04 US Treasury | No Limit
25,573,740
4.62 25,816,650
4.44 Total / Average
553,270,141
100.00
581,467,128
100.00
Portfolio Holdings as of 11/30/2023
Portfolio Holdings as of 12/31/2023
Begin Date: 11/30/2023, End Date: 12/31/2023
Monthly Treasurer's Report
Distribution by Asset Category - Market Value
City of Burbank
Maturity Range Allocation
Maturity Range
Market Value
11/30/2023
% of Portfolio
11/30/2023
Market Value
12/31/2023
% of Portfolio
12/31/2023
0-1 Month
87,553,428
15.82 115,206,111
19.81 1-3 Months
8,181,613
1.48 4,981,305
0.86 3-6 Months
12,319,461
2.23 17,723,436
3.05 6-9 Months
20,834,236
3.77 17,714,387
3.05 9-12 Months
9,710,974
1.76 5,566,877
0.96 1-2 Years
96,446,622
17.43 99,033,401
17.03 2-3 Years
121,785,618
22.01 134,067,827
23.06 3-4 Years
132,034,308
23.86 127,228,768
21.88 4-5 Years
64,403,881
11.64 59,945,016
10.31 Total / Average
553,270,141
100.00
581,467,128
100.00
Portfolio Holdings
Begin Date: 11/30/2023, End Date: 12/31/2023
Monthly Treasurer's Report
Distribution by Maturity Range - Market Value
City of Burbank
205,208 1,110,447 183,764
- - 142,318
Joint Powers Authority Pool | 25 % 346,482 1,323,652 - 240,550 1,258,153 1,495,647
Money Market Fund | 20 % 82,473 966,584 825,045
126,838 731,432 761,604
30,742 179,507 145 ,686
442,583 2,642,598 1,449,222
46,233 274,478 235,123
1,521,110
YTM@Cost 3.32% TRR@BV 3.24% TRR@BV 2.30%
8,486,851 5,238,409
US Treasury | No Limit
Supranational Obligations | 15 %
Asset Category Allocation
Asset Category | Policy Maximum December 2023 | MTD December 2023 | Fiscal YTD US Agency | 90 %
Medium Term Note | 30 %
Municipal Bonds | 30 %
LAIF Per Account | 75M
December 2022 | Fiscal YTD
CD | Negotiable | 30 %
Income Summary
Begin Date: 11/30/2023, End Date: 12/31/2023
City of Burbank
Monthly Treasurer's Report
The chart to the left shows relevant rates (Money
Market Fund, the 12-month moving average of the
2-2-year treasury, an portfolio current yield) as of
Dec
ember 31, 2023, as well as current treasury
yields and those from
a year ago.
KEY
City of Burbank
Credit Ratings | Medium Term Notes
End Date: 12/31/23 Monthly Treasurer's Report
"Watch" implies an imminent but not inevitable action.
+ | Positive Watch - | Negative Watch
"Outlook" implies entity is being monitored.
Neg | Negative Outlook
Issuer Moody's S & P
2,000,000 01/08/2024 A1 A+
2,000,000 03/07/2024 A2 A
3,000,000 01/22/2024 A1 A-
1,270,000 02/15/2024 A2 A
3,000,000 04/01/2024 A2 A
3,000,000 05/15/2024 A1 A
3,000,000 07/08/2024 Aa2 AA
3,000,000 08/30/2024 A2
2,000,000 08/15/2024 A2 A
1,036,000 09/06/2024 A1 A+
2,000,000 12/01/2024 A
3,000,000 01/23/2025 A-
A1
A1
Face Amount/Shares Maturity Date
3,000,000 02/01/2025 A+
4,883,000 03/03/2025 A+
A2
Aa3
1,000,000 03/13/2025 A
2,000,000 03/22/2025 A+
A2
A1
2,000,000 03/25/2025 A2 A
3,000,000 08/18/2025 A1 A
3,674,000 05/
20/2025 A2 A
(Neg) (Neg
)
3,000,000 07/16/2026 Aa3 AA+
3,000,000 01/15/2026 Aaa AA+
1,995,000 07/16/2026 A1 A+
3,000,000 08/12/2026
Aa3 AA-
1,228,000 0
9/
14/202 6 Aa3 AA-
3,000,000 07/01/2026 Aaa AAA
A2 A
3,000
,000 01/08/2027 A2 A
3,000,000 09/01
/2026
2,000,000 01/11/2027 Aaa AA+
3,000,000 01/
15/2027
A2 A
2,000,000 01/11/2027 Aa3 AA-
2,000,000 01/14/202
7 Aa3 AA-
3,000,000 0
3/15/2027 Aa2 AA
3 ,000,000 06/
03/2027 A1 AA
(Neg)
A-
(Neg)
(Neg)
2,000,000 04/20/2028 A1 A+
3,000,000 05/30/2028 Aaa AA+
(Neg)
Toyota Motor Credit
Bank of America Corp
Home Depot
John Deere Capital Corp
Truist Bank
Bank of NY Mellon Corp
Walmart Inc
Honeywell International
Walt Disney Company
Coca-Cola Co
Estee Lauder Co Inc
JP
Morgan Chase &
Co
Adobe Inc
Mastercard Inc
John Deere Capital Corp
Unilever Capital Corp
Intel Corp
Qualcomm Inc
State Street Corp
New York Life Global
Mass Institute of Tech
Mars Inc
Massmutual Global
Funding
BMW US Capital
Pricoa Global Funding
Met Tower Global Funding
Caterpillar Financial Services
Met Life Global
Northwes
t Mutual Global
Nestle Holdings
Target Corp
Berkshire Hathaway
Amazon
Mars Inc
Meta Platforms INC
National Securites Clearing
3,000,000 05/15/2028 A1 AA-
(Neg)
(Neg)
(Neg)
KEY
End Date: 12/31/23
"Watch" implies an imminent but not inevitable action.
+ | Positive Watch - | Negative Watch
"Outlook" implies entity is being monitored.
Neg | Negative Outlook
Issuer Moody's S & P Face Amount/Shares Maturity Date
2,000,000 09/08/2028 A1 A+
3,000,000 09
/15/202 8 A2 A
Unilever Capital Corp
Toyota Motor Credit Corp
Home Depot
Guardian Life Global Funding
2,000,000 09/11/2028 A1 A+
3,000,000 10/02/2028 Aa1 AA+
Issuer Face Amount/Shares Moody's S & P
KEY
Credit Ratings | Municipal Bonds
End Date: 12/31/23Monthly Treasurer's Report
Maturity Date
City of Burbank
"Watch" implies an imminent but not inevitable action.
+ | Positive Watch - | Negative Watch
"Outlook" implies entity is being monitored.
Neg | Negative Outlook Pos | Positiv e Outlook
A1450,000 01/01/2024
Aaa800,000 05/15/2024
Aa2
1,235,000 08/01/2024 NR AA-
1,000,000 10/01/2024 NR AA-
2,135,000 05/15/2024
Aa3
A+
AAA
NR
3,000,000 06/01/2025 AAA AAA
600,000 06/01/2024
06/01/2025 Aa3 AA-
AA-
1,000,000
San Francisco CA
Connecticut Housing
Long Beach
State of California
Poway Unif SD
South Gate Utility Authority
Ca State Health Facilities
Florida State Board Pub Edu
CA Infrastructure & Econ Dev
Oakland California Pension
500,000 10/01/2025 NR AAA
1,430,000 12/15/2025 Aa1 AA+
1,100,000 05/01/2026 Aa1 AAA
750,000 03/15/2026 NR AA+New York State Dormitory Authority NY Housing Development
NYC Transitional Finance Authority
Univ of California Revenues
Beverly Hills Public Financing Authority
CA State Health Facilities
Maryland State
Burbank Unified School District
Hawaii State
San Francisco Redev Agency
1,800,000 06/01/2026 NR AA+
1,900,000 05/15/2026 Aa2 AA
3,000,000 08/0 1/2026 NR AA
1,000,000 06/01/2026 Aa3 AA-
3,000,000 06/01/2026 Aaa AAA
3,000,000 08/01/2026 Aa2 AA+
770,000 05/01/2026 Aa2 AA+
620,000 08/01/2026 Aa2 NR
Santa Monica-Malibu Unified
Massachusetts School Building Authority
Tennessee State School Bond Authority
CA State University Revenue
Utah State Transit Authority
New York State
1,800,000 08/ 15/2026 Aa2 AA+
810
,000 08/01/2026 Aa1 AA+
3,000
,000 02/15 /2027 Aa1 AA+
3 ,000,000 09/15/2026 Aa1 AA+
1,85
5,000 12/15 /2026 Aa2 AA+
1,040,000 11/01/2026 Aa2 AA-
2 ,365,000 03/1 5/2027 NR AA+
2,000,000 03/1 5/2027 Aa1 NR
1,125
,000 03/15/2027 Aa1 NR
NY Urban Development
NY Urban Development
NY Dormitory Authority
Issuer Face Amount/Shares Moody's S & P
KEY
Maturity Date
"Watch" implies an imminent but not inevitable action.
+ | Positive Watch - | Negative Watch
"Outlook" implies entity is being monitored.
Neg | Negative Outlook Pos | Positive Outlook
750,000 04/01/2027 Aa2 AAA
895,000 04/01/2027 NR AA+
3,000,000 05/15/2027 Aa2 AA
Aa1 AA+ 1,525,000 05/01/2027
1,255,000 06/01/2027 Aa3 AA-
815,000 04/27/2027 Aa3 AA
2,000,000 07/15/2027 Aa1 NR
2,520,000 08/01/2027 Aa2 NR
Aa1 AA+ 1,475,000 05/01/2027
4,000,000 05/01/2028 Aa1 AAA
1,000,000 05/15/2028 Aa3 AA-
325,000 06/01/2028 Aa2 AA
3,150,000 06/15/2028 Aa3 AA-
400,000 08/01/2028 Aa1 AA
Bay Area Toll Authority
Oregon State Lottery Revenue
West Hollywood CA Lease Revenue
Wisconsin State
Wisconsin State
University of California Revenues
CA State Health Facilities
Massachusetts State Special Obligation
San Diego Public Financing
NVC Transitional Finance Authority
Revenue
General Obligation Unltd
University of California Rev
enues
State of Maine
State of Connecticut
Santa Barbara USD
450,000 05/15/2028 Aa2 AA
Description CUSIP/Ticker % of Portfolio Settlement Date Maturity Date Days To Maturity YTM @ Cost Face Amount/Shares Cost Value Market Value Credit Rating 1 Credit Rating 2 CD | Negotiable | 30 %
A+ Federal Credit Union 4.55 4/28/2028 00224TAP1 0.04 4/28/2023 4/28/2028 1,580 4.550 245,000.00 245,000.00 244,206.20 NCUA Insured NCUA Insured Access of Louis FCU 4.9 5/5/2025 00436NAC7 0.04 5/5/2023 5/5/2025 491 4.900 245,000.00 245,000.00 244,581.05 NCUA Insured NCUA Insured Advantage Federal Credit 5.3 12/31/2025 00790JAD4 0.04 8/31/2023 12/31/2025 731 5.300 245,000.00 245,000.00 247,383.85 NCUA Insured NCUA Insured Advia Credit Union 5 9/27/2028 00782JAC6 0.04 9/27/2023 9/27/2028 1,732 5.000 245,000.00 245,000.00 249,674.60 NCUA Insured NCUA Insured Affinity Bank 4.9 3/17/2028 00833JAQ4 0.04 3/17/2023 3/17/2028 1,538 4.900 245,000.00 245,000.00 247,256.45 FDIC Insured FDIC Insured Affinity Federal Credit Union 5.05 12/16/2024 00832KBG3 0.04 12/16/2022 12/16/2024 351 5.050 245,000.00 245,000.00 244,747.65 NCUA Insured NCUA Insured Alabama Credit Union 4.9 11/22/2024 01025RAD1 0.04 11/22/2022 11/22/2024 327 4.900 245,000.00 245,000.00 244,465.90 NCUA Insured NCUA Insured Alaska USA Federal Credit Union 4.9 1/30/2025 011852AB6 0.04 1/30/2023 1/30/2025 396 4.900 245,000.00 245,000.00 244,438.95 NCUA Insured NCUA Insured All In Federal Credit Union 4.6 2/17/2028 01664MAE6 0.04 2/17/2023 2/17/2028 1,509 4.600 245,000.00 245,000.00 244,309.10 NCUA Insured NCUA Insured Alliant Credit Union 5 1/30/2026 01882MAE2 0.04 1/30/2023 1/30/2026 761 5.000 245,000.00 245,000.00 246,002.05 NCUA Insured NCUA Insured Altra Federal Credit Union 5.1 6/9/2025 02208XAE3 0.04 6/9/2023 6/9/2025 526 5.100 245,000.00 245,000.00 245,360.15 FDIC Insured FDIC Insured Amerant Bank NA 4.65 9/8/2028 02357QCF2 0.04 9/8/2023 9/8/2028 1,713 4.650 245,000.00 245,000.00 245,901.60 FDIC Insured FDIC Insured American Express National Bank 2 3/9/2027 02589ABQ4 0.04 3/9/2022 3/9/2027 1,164 2.000 245,000.00 245,000.00 224,439.60 FDIC Insured FDIC Insured American First Credit Union 4.25 4/27/2028 02616ABY4 0.04 4/27/2023 4/27/2028 1,579 4.250 245,000.00 245,000.00 241,293.15 NCUA Insured NCUA Insured AmeriCU Credit Union 5.7 10/14/2025 03065QAR9 0.04 10/12/2023 10/14/2025 653 5.700 245,000.00 245,000.00 248,510.85 NCUA Insured NCUA Insured Arize Federal Credit Union 5.6 9/29/2025 04046AAA3 0.04 9/29/2023 9/29/2025 638 5.600 245,000.00 245,000.00 247,991.45 NCUA Insured NCUA Insured Atlantic Union Bank 5.05 7/17/2025 04911LAN3 0.04 7/17/2023 7/17/2025 564 5.050 245,000.00 245,000.00 245,230.30 FDIC Insured FDIC Insured Auburn University Credit Union 4.9 5/22/2025 05059MAA8 0.04 5/22/2023 5/22/2025 508 4.900 245,000.00 245,000.00 244,625.15 NCUA Insured NCUA Insured Austin Telco FCU 5.05 11/27/2026 052392CC9 0.04 11/28/2022 11/27/2026 1,062 5.050 245,000.00 245,000.00 246,026.55 NCUA Insured NCUA Insured Axos Bank 1.65 3/26/2024 05465DAK4 0.04 3/26/2020 3/26/2024 86 1.650 245,000.00 245,000.00 242,856.25 FDIC Insured FDIC Insured Balboa Thrift & Loan 2.1 7/19/2024 05765LAZ0 0.04 7/19/2019 7/19/2024 201 2.100 245,000.00 245,000.00 240,996.70 FDIC Insured FDIC Insured Bank Five Nine 4.65 3/20/2028 062119BK7 0.04 3/20/2023 3/20/2028 1,541 4.650 245,000.00 245,000.00 244,931.40 FDIC Insured FDIC Insured Bank of New York Mellon NA 4.5 9/7/2028 05584CJJ6 0.04 9/7/2023 9/7/2028 1,712 4.500 245,000.00 245,000.00 244,306.65 FDIC Insured FDIC Insured Bank of Perry County 4.25 5/31/2028 06425KCT4 0.04 5/31/2023 5/31/2028 1,613 4.250 245,000.00 245,000.00 249,348.75 FDIC Insured FDIC Insured Bank of the Sierra 4.5 8/18/2028 064860MJ5 0.04 8/18/2023 8/18/2028 1,692 4.500 245,000.00 245,000.00 244,142.50 FDIC Insured FDIC Insured Bankers Bank Madison WI 4.25 11/24/2027 06610RBZ1 0.04 5/24/2023 11/24/2027 1,424 4.250 245,000.00 245,000.00 240,886.45 FDIC Insured FDIC Insured Bankwell Bank 5.05 7/14/2025 06654BFH9 0.04 7/14/2023 7/14/2025 561 5.050 245,000.00 245,000.00 245,218.05 FDIC Insured FDIC Insured Barclays Bank 1.95 2/23/2027 06740KNY9 0.04 2/23/2022 2/23/2027 1,150 1.950 245,000.00 245,000.00 224,255.85 FDIC Insured FDIC Insured Baxter Credit Union 5 11/30/2026 07181JAV6 0.04 11/28/2022 11/30/2026 1,065 5.000 245,000.00 245,000.00 245,754.60 NCUA Insured NCUA Insured Beal Bank 2.05 2/24/2027 07371CH69 0.04 3/2/2022 2/24/2027 1,151 2.050 245,000.00 245,000.00 224,971.25 FDIC Insured FDIC Insured Beal Bank 2.05 2/24/2027 07371AYT4 0.04 3/2/2022 2/24/2027 1,151 2.050 245,000.00 245,000.00 224,971.25 FDIC Insured FDIC Insured BMO Harris Bank NA 4.5 5/16/2028 05600XQE3 0.04 5/16/2023 5/16/2028 1,598 4.500 245,000.00 245,000.00 243,745.60 FDIC Insured FDIC Insured BMW Bank of North America 2.75 4/22/2026 05580AM92 0.04 4/22/2022 4/22/2026 843 2.750 245,000.00 245,000.00 233,977.45 FDIC Insured FDIC Insured Brentwood Bank 5 7/28/2025 107219BM8 0.04 7/28/2023 7/28/2025 575 5.000 245,000.00 245,000.00 245,240.10 FDIC Insured FDIC Insured Bridgewater Bank Bloom MN 4.8 3/29/2028 108622NK3 0.04 3/29/2023 3/29/2028 1,550 4.800 245,000.00 245,000.00 246,425.90 FDIC Insured FDIC Insured Business First Bank 4.75 5/12/2025 098079AM8 0.04 5/10/2023 5/12/2025 498 4.750 245,000.00 245,000.00 244,115.55 FDIC Insured FDIC Insured California Credit Union 5.4 7/21/2025 130162AW0 0.04 7/19/2023 7/21/2025 568 5.400 245,000.00 245,000.00 246,550.85 NCUA Insured FDIC Insured Canton Co-Operative Bank 5 7/21/2025 138138AB8 0.04 7/21/2023 7/21/2025 568 5.000 245,000.00 245,000.00 245,178.85 FDIC Insured FDIC Insured Capital On Bank USA NA 2.25 7/31/2024 14042TBK2 0.04 7/31/2019 7/31/2024 213 2.250 245,000.00 245,000.00 240,957.50 FDIC Insured FDIC Insured Capital One 2.8 4/20/2027 14042RQS3 0.04 4/20/2022 4/20/2027 1,206 2.800 245,000.00 245,000.00 229,812.45 FDIC Insured FDIC Insured City of Burbank
Portfolio Position
Detail Report
Monthly Treasurer's Report
12/31/2023
Description CUSIP/Ticker % of Portfolio Settlement Date Maturity Date Days To Maturity YTM @ Cost Face Amount/Shares Cost Value Market Value Credit Rating 1 Credit Rating 2 Carter Federal CU 5 6/2/2025 14622LAL6 0.04 5/31/2023 6/2/2025 519 5.000 245,000.00 245,000.00 245,024.50 NCUA Insured NCUA Insured Celtic Bank 4.4 4/19/2028 15118RG50 0.04 4/19/2023 4/19/2028 1,571 4.400 245,000.00 245,000.00 242,699.45 FDIC Insured FDIC Insured Central Bank 4 5/12/2028 152577BN1 0.04 5/12/2023 5/12/2028 1,594 4.000 245,000.00 245,000.00 238,919.10 FDIC Insured FDIC Insured Central State Bank Iowa 4.4 6/21/2028 15523RDT0 0.04 6/21/2023 6/21/2028 1,634 4.400 245,000.00 245,000.00 250,603.15 FDIC Insured FDIC Insured Centris Federal Credit Union 5 5/24/2025 15643VAB8 0.04 5/24/2023 5/24/2025 510 5.000 245,000.00 245,000.00 244,975.50 NCUA Insured NCUA Insured Charles Schwab Bank5.4 9/23/2024 15987UAV0 0.04 3/17/2023 9/23/2024 267 5.400 245,000.00 245,000.00 245,044.10 FDIC Insured FDIC Insured Chartway Fed Credit Union 5.25 7/14/2025 16141BAF8 0.04 7/12/2023 7/14/2025 561 5.250 245,000.00 245,000.00 246,060.85 NCUA Insured NCUA Insured CIBC Bank USA 4.75 3/24/2028 12547CAT5 0.04 3/24/2023 3/24/2028 1,545 4.750 245,000.00 245,000.00 245,835.45 FDIC Insured FDIC Insured Citizens State Bank of La Crosse 4.7 3/24/2028 176688DA4 0.04 3/24/2023 3/24/2028 1,545 4.700 245,000.00 245,000.00 245,421.40 FDIC Insured FDIC Insured City Bank & Trust 4.7 5/12/2025 17764PAM6 0.04 5/12/2023 5/12/2025 498 4.700 245,000.00 245,000.00 243,914.65 FDIC Insured FDIC Insured City National Bank Beverly Hills 4.9 11/24/2025 178180GS8 0.04 11/23/2022 11/24/2025 694 4.900 245,000.00 245,000.00 245,418.95 NCUA Insured NCUA Insured Claremont Savings Bank 5.05 7/28/2025 180227AN0 0.04 7/26/2023 7/28/2025 575 5.050 245,000.00 245,000.00 245,421.40 FDIC Insured FDIC Insured Clearpath Federal Credit Union 5.5 6/6/2025 18507MAC5 0.04 12/8/2023 6/6/2025 523 5.500 245,000.00 245,000.00 246,737.05 NCUA Insured NCUA Insured Clearview Credit Union 5.5 9/8/2025 18508CAA0 0.04 9/8/2023 9/8/2025 617 5.500 245,000.00 245,000.00 247,378.95 NCUA Insured NCUA Insured CME Federal Credit Union 5.5 9/12/2025 12574EAC4 0.04 9/12/2023 9/12/2025 621 5.500 245,000.00 245,000.00 247,413.25 NCUA Insured NCUA Insured CMTY Bank & Trust Waco TX 4.75 5/30/2025 20347MAP6 0.04 5/31/2023 5/30/2025 516 4.750 245,000.00 245,000.00 244,110.65 FDIC Insured FDIC Insured Comenity Capital Bank 2.65 4/14/2027 20033A3A2 0.04 4/14/2022 4/14/2027 1,200 2.650 245,000.00 245,000.00 228,663.40 FDIC Insured FDIC Insured Commercial Bank Harrogate 5.05 7/18/2025 20143PEU0 0.04 7/18/2023 7/18/2025 565 5.050 245,000.00 245,000.00 245,350.35 FDIC Insured FDIC Insured Community First Bank 4.75 5/19/2025 20368TDK3 0.04 5/19/2023 5/19/2025 505 4.750 245,000.00 245,000.00 244,125.35 FDIC Insured FDIC Insured Communitywide FCU 5.25 8/29/2025 20416TBD3 0.04 8/31/2023 8/29/2025 607 5.250 245,000.00 245,000.00 246,354.85 NCUA Insured NCUA Insured Connex Credit Union 3.5 8/29/2025 208212AY6 0.04 8/31/2022 8/29/2025 607 3.500 245,000.00 245,000.00 239,534.05 NCUA Insured NCUA Insured Connexus Credit Union 5.15 6/23/2025 20825WBR0 0.04 6/21/2023 6/23/2025 540 5.150 245,000.00 245,000.00 245,627.20 NCUA Insured NCUA Insured Consumers Federal Credit Union 5.1 10/16/2028 21056RAA7 0.04 10/16/2023 10/16/2028 1,751 5.100 245,000.00 245,000.00 250,899.60 NCUA Insured NCUA Insured Cornerstone Bank 4.8 5/16/2025 219232CU7 0.04 5/16/2023 5/16/2025 502 4.800 245,000.00 245,000.00 244,282.15 FDIC Insured FDIC Insured Corning Federal Credit Union 5.35 4/4/2024 21933PAA0 0.04 4/4/2023 4/4/2024 95 5.350 245,000.00 245,000.00 244,897.10 NCUA Insured NCUA Insured Cross River Bank 4.85 5/19/2025 227563CJ0 0.04 5/19/2023 5/19/2025 505 4.850 245,000.00 245,000.00 244,412.00 FDIC Insured FDIC Insured Customers Bank 4.45 5/31/2028 23204HNZ7 0.04 5/31/2023 5/31/2028 1,613 4.450 245,000.00 245,000.00 249,233.60 FDIC Insured FDIC Insured CY Fair Federal Credit Union 4.5 5/12/2028 23248UAB3 0.04 5/12/2023 5/12/2028 1,594 4.500 245,000.00 245,000.00 243,757.85 NCUA Insured NCUA Insured Delta National Bank and Trust NY 2 2/25/2027 24773RCR4 0.04 3/9/2022 2/25/2027 1,152 2.000 245,000.00 245,000.00 224,603.75 FDIC Insured FDIC Insured Department of Commerce 5 7/26/2028 24951TAZ8 0.04 7/26/2023 7/26/2028 1,669 5.000 245,000.00 245,000.00 249,172.35 FDIC Insured FDIC Insured Direct Federal Credit Union 5.6 11/20/2025 25460FEH5 0.04 11/20/2023 11/20/2025 690 5.600 245,000.00 245,000.00 248,422.65 NCUA Insured NCUA Insured Discover Bank 4.45 10/18/2027 254673W51 0.04 10/18/2022 10/18/2027 1,387 4.450 245,000.00 245,000.00 242,456.90 FDIC Insured FDIC Insured Dort Financial Credit 4.35 5/24/2028 25844MAW8 0.04 5/24/2023 5/24/2028 1,606 4.350 245,000.00 245,000.00 242,349.10 NCUA Insured NCUA Insured Eaglebank 4.8 5/19/2025 27002YFW1 0.04 5/19/2023 5/19/2025 505 4.800 245,000.00 245,000.00 244,289.50 FDIC Insured FDIC Insured Eaglemark Savings Bank 2 3/9/2027 27004PCN1 0.04 3/9/2022 3/9/2027 1,164 2.000 245,000.00 245,000.00 224,439.60 FDIC Insured FDIC Insured Empower Federal Credit Union 5.1 9/29/2028 291916AB0 0.04 9/29/2023 9/29/2028 1,734 5.100 245,000.00 245,000.00 250,735.45 NCUA Insured NCUA Insured Encompass Niagara Credit Union 5 6/13/2025 29259RAK3 0.04 6/13/2023 6/13/2025 530 5.000 245,000.00 245,000.00 245,031.85 NCUA Insured NCUA Insured Enterprise Bank PA 4.25 5/19/2028 29367RMN3 0.04 5/19/2023 5/19/2028 1,601 4.250 245,000.00 245,000.00 241,361.75 FDIC Insured FDIC Insured Essential Federal Credit 5.5 9/22/2025 29669XAR9 0.04 9/20/2023 9/22/2025 631 5.500 245,000.00 245,000.00 247,525.95 NCUA Insured NCUA Insured Farmers Insurance Group 5.25 7/21/2025 30960QAP2 0.04 7/21/2023 7/21/2025 568 5.250 245,000.00 245,000.00 246,097.60 FDIC Insured FDIC Insured Federal Savings Bank 4.5 6/28/2028 313812EG0 0.04 6/28/2023 6/28/2028 1,641 4.500 245,000.00 245,000.00 250,537.00 FDIC Insured FDIC Insured First Bank Elk River 4.4 6/30/2028 31911KAK4 0.04 6/30/2023 6/30/2028 1,643 4.400 245,000.00 245,000.00 249,228.70 FDIC Insured FDIC Insured First Central Credit Union 5.6 10/14/2025 31944KAA7 0.04 10/11/2023 10/14/2025 653 5.600 245,000.00 245,000.00 248,091.90 NCUA Insured NCUA Insured First Choice FCU 5 5/27/2025 31949HAA9 0.04 5/25/2023 5/27/2025 513 5.000 245,000.00 245,000.00 244,975.50 NCUA Insured NCUA Insured First Family Federal Credit Union 4.85 1/17/2025 32014RAA5 0.04 1/19/2023 1/17/2025 383 4.850 245,000.00 245,000.00 244,291.95 NCUA Insured NCUA Insured First Financial 4.45 2/8/2028 32024DAC0 0.04 2/8/2023 2/8/2028 1,500 4.450 245,000.00 245,000.00 242,897.90 FDIC Insured FDIC Insured First Foundation Bank 4.7 5/12/2025 32026UM52 0.04 5/12/2023 5/12/2025 498 4.700 245,000.00 245,000.00 243,914.65 FDIC Insured FDIC Insured First Guaranty Bank 4.5 8/4/2028 320437AD8 0.04 8/4/2023 8/4/2028 1,678 4.500 245,000.00 245,000.00 244,169.45 FDIC Insured FDIC Insured First National Bank of America 4.5 7/21/2028 32110YC45 0.04 7/21/2023 7/21/2028 1,664 4.500 245,000.00 245,000.00 252,031.50 FDIC Insured FDIC Insured First National Bank of America Michigan 4.6 9/22/2 32114VCM7 0.04 9/22/2023 9/22/2028 1,727 4.600 245,000.00 245,000.00 245,467.95 FDIC Insured FDIC Insured
Description CUSIP/Ticker % of Portfolio Settlement Date Maturity Date Days To Maturity YTM @ Cost Face Amount/Shares Cost Value Market Value Credit Rating 1 Credit Rating 2 First Peoples Bank Georgia 4.75 5/19/2025 33609PAZ3 0.04 5/19/2023 5/19/2025 505 4.750 245,000.00 245,000.00 244,125.35 FDIC Insured FDIC Insured First Western Bank & Trust 4.75 5/12/2025 33749VBP2 0.04 5/10/2023 5/12/2025 498 4.750 245,000.00 245,000.00 244,115.55 FDIC Insured FDIC Insured Flagler Bank Corp 4.9 5/27/2025 338386AB1 0.04 5/26/2023 5/27/2025 513 4.900 245,000.00 245,000.00 244,639.85 FDIC Insured FDIC Insured Flagstar Bank N.A. 5.25 4/24/2025 33847GAK8 0.04 3/30/2023 4/24/2025 480 5.250 245,000.00 245,000.00 245,629.65 FDIC Insured FDIC Insured Floridacentral Credit Union 5.35 8/25/2025 340577AA3 0.04 8/25/2023 8/25/2025 603 5.350 245,000.00 245,000.00 246,690.50 NCUA Insured NCUA Insured FNB Bank WV 2.7 4/4/2024 30257JAN5 0.04 4/4/2019 4/4/2024 95 2.700 245,000.00 245,000.00 243,343.80 FDIC Insured FDIC Insured FNB of McGregor TX 2.3 6/28/2024 32112UDA6 0.04 6/28/2019 6/28/2024 180 2.300 245,000.00 245,000.00 241,974.25 FDIC Insured FDIC Insured FNCB Bank 4 5/8/2028 30257YBT8 0.04 5/8/2023 5/8/2028 1,590 4.000 245,000.00 245,000.00 238,921.55 FDIC Insured FDIC Insured Freedom Northwest CU 5.5 8/30/2028 356436AN5 0.04 8/30/2023 8/30/2028 1,704 5.500 245,000.00 245,000.00 247,410.80 NCUA Insured NCUA Insured Genoa Banking Company 4.05 5/19/2028 372348DB5 0.04 5/19/2023 5/19/2028 1,601 4.050 245,000.00 245,000.00 239,416.45 FDIC Insured FDIC Insured Gesa Credit Union 5.5 7/31/2025 37424PAG9 0.04 7/31/2023 7/31/2025 578 5.500 245,000.00 245,000.00 247,087.40 NCUA Insured NCUA Insured Goldman Sachs Bank USA 2.55 6/19/2024 38149MBM4 0.04 6/19/2019 6/19/2024 171 2.550 245,000.00 245,000.00 242,057.55 FDIC Insured FDIC Insured Grand River Bank MI 5 7/18/2025 38644ACQ0 0.04 7/18/2023 7/18/2025 565 5.000 245,000.00 245,000.00 245,166.60 FDIC Insured FDIC Insured Great Lakes Credit Union 5 6/16/2025 390602AA8 0.04 6/16/2023 6/16/2025 533 5.000 245,000.00 245,000.00 245,044.10 NCUA Insured NCUA Insured Greensboro Municipal FCU 4.9 5/19/2025 39552MAA9 0.04 5/17/2023 5/19/2025 505 4.900 245,000.00 245,000.00 244,620.25 NCUA Insured NCUA Insured Greenstate Credit Union 0.95 7/21/2026 39573LBM9 0.04 7/21/2021 7/21/2026 933 0.950 245,000.00 245,000.00 222,058.20 NCUA Insured NCUA Insured Guardian Credit Union 5.1 9/29/2028 40135GAA6 0.04 9/29/2023 9/29/2028 1,734 5.100 245,000.00 245,000.00 250,767.30 NCUA Insured NCUA Insured Hapo Community Credit Union 5.5 9/29/2025 41138NAC2 0.04 9/29/2023 9/29/2025 638 5.500 245,000.00 245,000.00 247,548.00 NCUA Insured NCUA Insured Heritage Community Credit Union 5.25 11/15/2028 42728MAC8 0.04 11/15/2023 11/15/2028 1,781 5.250 245,000.00 245,000.00 252,761.60 NCUA Insured NCUA Insured Home Federal Savings Bank MN 5 7/21/2025 43708WKF0 0.04 7/19/2023 7/21/2025 568 5.000 245,000.00 245,000.00 245,098.00 FDIC Insured FDIC Insured Home Loan Investment Bank 5.25 3/28/2025 43719LAJ4 0.04 3/29/2023 3/28/2025 453 5.250 245,000.00 245,000.00 245,561.05 FDIC Insured FDIC Insured Honolulu Fire Dept FCU 5 12/22/2025 438649AL9 0.04 6/22/2023 12/22/2025 722 5.000 245,000.00 245,000.00 245,953.05 NCUA Insured NCUA Insured Hope Federal Credit Union 5.5 9/25/2025 43942MAA0 0.04 9/25/2023 9/25/2025 634 5.500 245,000.00 245,000.00 247,516.15 NCUA Insured NCUA Insured Hughes Federal CU 5.25 6/30/2025 444425AA0 0.04 6/29/2023 6/30/2025 547 5.250 245,000.00 245,000.00 246,048.60 NCUA Insured NCUA Insured Idaho First Bank 4.2 5/30/2028 451245AT1 0.04 5/30/2023 5/30/2028 1,612 4.200 245,000.00 245,000.00 249,375.70 FDIC Insured FDIC Insured Iowa State Bank 2.1 7/10/2024 46256YBB4 0.04 7/10/2019 7/10/2024 192 2.100 245,000.00 245,000.00 241,175.55 FDIC Insured FDIC Insured John Marshall Bank 4.7 7/14/2025 47804GKT9 0.04 5/12/2023 7/14/2025 561 4.700 245,000.00 245,000.00 244,061.65 FDIC Insured FDIC Insured Jovia Financial Credit Union 5.2 11/30/2027 48115LAK0 0.04 11/30/2023 11/30/2027 1,430 5.200 245,000.00 245,000.00 249,248.30 NCUA Insured NCUA Insured Keypoint Credit Union 5 6/23/2025 49332PAB6 0.04 12/21/2022 6/23/2025 540 5.000 245,000.00 245,000.00 245,100.45 NCUA Insured NCUA Insured Knoxville TVA Employee Credit Union 1.95 11/26/202 499724AK8 0.04 11/26/2019 11/26/2024 331 1.950 245,000.00 245,000.00 238,059.15 NCUA Insured NCUA Insured Kodabank 4.5 7/21/2028 50007DAD1 0.04 7/21/2023 7/21/2028 1,664 4.500 245,000.00 245,000.00 251,720.35 FDIC Insured FDIC Insured Lafayette Federal Credit Union 3.25 5/25/2027 50625LBJ1 0.04 5/25/2022 5/25/2027 1,241 3.250 245,000.00 245,000.00 232,919.05 NCUA Insured NCUA Insured Latino Community Credit Union 5 6/21/2024 51828MAE4 0.04 12/21/2022 6/21/2024 173 5.000 245,000.00 245,000.00 244,781.95 NCUA Insured NCUA Insured LCA Bank Corp 4.25 5/26/2028 501798TY8 0.04 5/26/2023 5/26/2028 1,608 4.250 245,000.00 245,000.00 242,344.20 FDIC Insured FDIC Insured Leaders Credit Union 5 3/30/2028 52171MAG0 0.04 3/30/2023 3/30/2028 1,551 5.000 245,000.00 245,000.00 248,312.40 NCUA Insured NCUA Insured Legends Bank TN 2.75 2/22/2024 52465JHM2 0.04 2/22/2019 2/22/2024 53 2.750 245,000.00 245,000.00 244,108.20 FDIC Insured FDIC Insured Liberty First Credit Union 4.35 1/27/2028 530520AD7 0.04 1/27/2023 1/27/2028 1,488 4.350 245,000.00 245,000.00 241,964.45 NCUA Insured NCUA Insured Lincoln Park Community 5 8/28/2028 534574AC2 0.04 8/28/2023 8/28/2028 1,702 5.000 245,000.00 245,000.00 249,463.90 FDIC Insured FDIC Insured Lincoln Savings Bank 5.05 10/21/2025 534732BQ4 0.04 7/21/2023 10/21/2025 660 5.050 245,000.00 245,000.00 245,818.30 FDIC Insured FDIC Insured Live Oak Banking Co 1.85 11/27/2024 538036GU2 0.04 11/27/2019 11/27/2024 332 1.850 245,000.00 245,000.00 237,819.05 FDIC Insured FDIC Insured Local Government FCU 5.15 5/17/2024 53955LAC1 0.04 5/17/2023 5/17/2024 138 5.150 245,000.00 245,000.00 244,777.05 NCUA Insured NCUA Insured Lookout Federal Credit Union 5.1 7/21/2025 54342MAA3 0.04 7/21/2023 7/21/2025 568 5.100 245,000.00 245,000.00 245,546.35 NCUA Insured NCUA Insured Magnificent Financial CU 5 5/30/2025 55955TAA3 0.04 5/30/2023 5/30/2025 516 5.000 245,000.00 245,000.00 245,017.15 NCUA Insured NCUA Insured Maine Savings FCU 1.9 11/8/2024 560507AN5 0.04 11/8/2019 11/8/2024 313 1.900 245,000.00 245,000.00 238,348.25 FDIC Insured FDIC Insured Manufacturers & Traders Trust Co 4.9 12/9/2024 564759RJ9 0.04 12/7/2022 12/9/2024 344 4.900 245,000.00 245,000.00 244,446.30 FDIC Insured FDIC Insured Medallion Bank Utah 5.25 3/28/2025 58404DRU7 0.04 3/28/2023 3/28/2025 453 5.250 245,000.00 245,000.00 245,568.40 FDIC Insured FDIC Insured Member's First Credit Union 5.6 4/6/2026 58588NAA5 0.04 10/4/2023 4/6/2026 827 5.600 245,000.00 245,000.00 249,135.60 NCUA Insured NCUA Insured Meritrust Federal Credit Union 4.9 5/24/2025 59001PAT6 0.04 5/24/2023 5/24/2025 510 4.900 245,000.00 245,000.00 246,376.90 NCUA Insured NCUA Insured Merrick Bank 2.2 7/31/2024 59013KBV7 0.04 7/31/2019 7/31/2024 213 2.200 245,000.00 245,000.00 240,928.10 FDIC Insured FDIC Insured Metro Credit Union 1.7 2/18/2027 59161YAP1 0.04 2/18/2022 2/18/2027 1,145 1.700 245,000.00 245,000.00 222,379.15 FDIC Insured FDIC Insured
Description CUSIP/Ticker % of Portfolio Settlement Date Maturity Date Days To Maturity YTM @ Cost Face Amount/Shares Cost Value Market Value Credit Rating 1 Credit Rating 2 MidFlorida Credit Union 5.5 7/26/2028-25 59741QAA0 0.04 7/26/2023 7/26/2028 1,669 5.500 245,000.00 245,000.00 248,393.25 NCUA Insured NCUA Insured Morgan Stanley Bank NA 2.7 6/6/2024 61690UHB9 0.04 6/6/2019 6/6/2024 158 2.700 245,000.00 245,000.00 242,395.65 FDIC Insured FDIC Insured Morgan Stanley NY 2.85 4/4/2024 61760AYB9 0.04 4/4/2019 4/4/2024 95 2.850 245,000.00 245,000.00 243,390.35 FDIC Insured FDIC Insured Morton Lane FCU 5.4 3/16/2026 61934MAD6 0.04 9/15/2023 3/16/2026 806 5.400 245,000.00 245,000.00 247,947.35 NCUA Insured NCUA Insured Mountain America Federal Credit Union 4.7 4/28/202 62384RAT3 0.04 4/28/2023 4/28/2026 849 4.700 245,000.00 245,000.00 244,311.55 NCUA Insured NCUA Insured Mutual First Federal CU 5.2 8/4/2025 62825MAA2 0.04 8/3/2023 8/4/2025 582 5.200 245,000.00 245,000.00 246,021.65 NCUA Insured NCUA Insured MVB Bank INC 5.3 3/24/2025 62847NDN3 0.04 3/24/2023 3/24/2025 449 5.300 245,000.00 245,000.00 245,663.95 FDIC Insured FDIC Insured My Safra Bank FSB 4.4 5/18/2028 55406JBS0 0.04 5/18/2023 5/18/2028 1,600 4.400 245,000.00 245,000.00 242,792.55 FDIC Insured FDIC Insured Naheola Credit Union 2.05 1/10/2025 629801AA9 0.04 1/10/2020 1/10/2025 376 2.050 245,000.00 245,000.00 237,392.75 NCUA Insured NCUA Insured Neighbors Federal Credit 4.9 7/26/2028 64017ABA1 0.04 7/26/2023 7/26/2028 1,669 4.900 245,000.00 245,000.00 249,172.35 NCUA Insured NCUA Insured Nicolet National Bank 4.85 12/1/2025 654062LN6 0.04 5/30/2023 12/1/2025 701 4.850 245,000.00 245,000.00 245,218.05 FDIC Insured FDIC Insured Northern Bank & Trust MA 5 7/21/2025 66476QDZ8 0.04 7/19/2023 7/21/2025 568 5.000 245,000.00 245,000.00 245,098.00 FDIC Insured FDIC Insured Nova UA 5.4 11/28/2025 66989WAA3 0.04 11/30/2023 11/28/2025 698 5.400 245,000.00 245,000.00 247,893.45 FDIC Insured FDIC Insured Numerica Credit Union 3.1 5/13/2027 67054NAW3 0.04 5/13/2022 5/13/2027 1,229 3.100 245,000.00 245,000.00 231,836.15 NCUA Insured FDIC Insured Old Missouri Bank 4.6 9/27/2028 68002LCV8 0.04 9/27/2023 9/27/2028 1,732 4.600 245,000.00 245,000.00 245,497.35 FDIC Insured FDIC Insured Onpath Federal Credit Union 4.85 7/31/2028 68283MAP1 0.04 7/31/2023 7/31/2028 1,674 4.850 245,000.00 245,000.00 247,717.05 NCUA Insured NCUA Insured Oregon Community Credit Union 5.15 6/23/2025 68584JAE9 0.04 6/21/2023 6/23/2025 540 5.150 245,000.00 245,000.00 245,627.20 NCUA Insured NCUA Insured Oregon State Credit Union 5.05 3/21/2024 68609EAC5 0.04 12/21/2022 3/21/2024 81 5.050 245,000.00 245,000.00 244,821.15 NCUA Insured NCUA Insured Pacific Premier Bank 5.35 9/23/2024 69478QGY0 0.04 3/22/2023 9/23/2024 267 5.350 245,000.00 245,000.00 245,485.10 FDIC Insured FDIC Insured Pacific Western Bank 5.5 9/20/2024 69506YXQ7 0.04 3/20/2023 9/20/2024 264 5.500 245,000.00 245,000.00 245,595.35 FDIC Insured FDIC Insured Park St Bank Duluth 4.45 7/19/2028 70086VAU5 0.04 7/19/2023 7/19/2028 1,662 4.450 245,000.00 245,000.00 249,958.80 FDIC Insured FDIC Insured Parkway Bank & Trust Co 4.95 6/16/2025 70153RLV8 0.04 6/15/2023 6/16/2025 533 4.950 245,000.00 245,000.00 244,902.00 FDIC Insured FDIC Insured Partners Bank California 5.05 3/17/2025 70212YBN1 0.04 3/17/2023 3/17/2025 442 5.050 245,000.00 245,000.00 244,857.90 FDIC Insured FDIC Insured Pentucket Bank 4.8 5/27/2025 70969PAG1 0.04 5/26/2023 5/27/2025 513 4.800 245,000.00 245,000.00 244,333.60 FDIC Insured FDIC Insured Pima Federal Credit 5 8/17/2027 722000AB2 0.04 8/17/2023 8/17/2027 1,325 5.000 245,000.00 245,000.00 246,825.25 NCUA Insured NCUA Insured Pitney Bowes Bank INC 4.35 4/13/2028 724468AC7 0.04 4/14/2023 4/13/2028 1,565 4.350 245,000.00 245,000.00 242,221.70 FDIC Insured FDIC Insured Plains Commerce Bank 2.55 5/30/2024 72651LCK8 0.04 5/30/2019 5/30/2024 151 2.550 245,000.00 245,000.00 242,356.45 FDIC Insured FDIC Insured Popular Bank 4.85 5/22/2025 73317ACD2 0.04 5/24/2023 5/22/2025 508 4.850 245,000.00 245,000.00 244,394.85 FDIC Insured FDIC Insured Providence Bank 4.4 8/21/2028 743738CV6 0.04 8/21/2023 8/21/2028 1,695 4.400 245,000.00 245,000.00 243,231.10 FDIC Insured FDIC Insured Queensborough Natl Bank 4.85 6/2/2025 74824XDK9 0.04 6/2/2023 6/2/2025 519 4.850 245,000.00 245,000.00 244,487.95 FDIC Insured FDIC Insured Railroad Employees Credit Union 5.1 9/29/2028 75076MAA0 0.04 9/29/2023 9/29/2028 1,734 5.100 245,000.00 245,000.00 250,713.40 NCUA Insured NCUA Insured Raiz Federal Credit Union 4.7 7/25/2025 75102EAB4 0.04 1/25/2023 7/25/2025 572 4.700 245,000.00 245,000.00 244,083.70 NCUA Insured NCUA Insured Raymond James Bank NA 1.8 11/8/2024 75472RAK7 0.04 11/8/2019 11/8/2024 313 1.800 245,000.00 245,000.00 238,174.30 FDIC Insured FDIC Insured Red Crown Federal Credit Union 5.1 10/13/2028 756558AC6 0.04 10/13/2023 10/13/2028 1,748 5.100 245,000.00 245,000.00 250,860.40 NCUA Insured NCUA Insured Regional Federal Credit 5.45 8/25/2025 75904AAA4 0.04 8/24/2023 8/25/2025 603 5.450 245,000.00 245,000.00 247,116.80 NCUA Insured NCUA Insured Resource One Credit Union 1.9 11/27/2024 76124YAB2 0.04 11/27/2019 11/27/2024 332 1.900 245,000.00 245,000.00 237,929.30 NCUA Insured NCUA Insured RIA Federal Credit Union 5.4 11/10/2025 749622BM7 0.04 12/8/2023 11/10/2025 680 5.400 245,000.00 245,000.00 247,491.65 NCUA Insured NCUA Insured Riverfront FCU 5.15 6/12/2025 76870LAC4 0.04 6/12/2023 6/12/2025 529 5.150 245,000.00 245,000.00 245,543.90 NCUA Insured NCUA Insured Rockland Federal Credit Union 5.75 10/20/2025 77357DAA6 0.04 10/18/2023 10/20/2025 659 5.750 245,000.00 245,000.00 248,381.00 NCUA Insured NCUA Insured Sallie Mae Bank Salt Lake 1 7/14/2026 7954507A7 0.04 7/14/2021 7/14/2026 926 1.000 245,000.00 245,000.00 222,697.65 FDIC Insured FDIC Insured San Francisco Credit Union 4.35 2/3/2028 79772FAG1 0.04 2/3/2023 2/3/2028 1,495 4.350 245,000.00 245,000.00 241,966.90 NCUA Insured NCUA Insured Sec State Bank Warroad MN 4.3 5/31/2028 81501JAE2 0.04 5/31/2023 5/31/2028 1,613 4.300 245,000.00 245,000.00 249,343.85 FDIC Insured FDIC Insured Self Help FCU 4.1 5/26/2028 81632NBB0 0.04 5/26/2023 5/26/2028 1,608 4.100 245,000.00 245,000.00 239,926.05 NCUA Insured NCUA Insured Signature Federal Credit Union 4.4 1/31/2028 82671DAB3 0.04 1/31/2023 1/31/2028 1,492 4.400 245,000.00 245,000.00 242,412.80 NCUA Insured NCUA Insured Southcoast Federal Credit Union 4.2 12/28/2028 84130LAB6 0.04 12/28/2023 12/28/2028 1,824 4.200 245,000.00 245,000.00 241,685.15 NCUA Insured NCUA Insured Southern Bank Poplar Bluff MO 4.2 5/17/2028 843383CS7 0.04 5/17/2023 5/17/2028 1,599 4.200 245,000.00 245,000.00 240,869.30 FDIC Insured FDIC Insured Southwest Financial Federal Credit 5.3 8/18/2025 84485EAK3 0.04 8/16/2023 8/18/2025 596 5.300 245,000.00 245,000.00 246,470.00 NCUA Insured NCUA Insured Space Coast Credit Union 5.45 8/29/2025 84614AAH2 0.04 8/29/2023 8/29/2025 607 5.450 245,000.00 245,000.00 247,143.75 NCUA Insured NCUA Insured Spokane Teachers Credit Union 5 11/24/2025 849061AA4 0.04 11/23/2022 11/24/2025 694 5.000 245,000.00 245,000.00 245,820.75 NCUA Insured NCUA Insured St Louis Bank MO 4.45 6/30/2028 85231WAW1 0.04 6/30/2023 6/30/2028 1,643 4.450 245,000.00 245,000.00 251,472.90 FDIC Insured FDIC Insured
Description CUSIP/Ticker % of Portfolio Settlement Date Maturity Date Days To Maturity YTM @ Cost Face Amount/Shares Cost Value Market Value Credit Rating 1 Credit Rating 2 Star Bank NA Bertha MN 4.6 9/29/2028 85508VAN9 0.04 9/29/2023 9/29/2028 1,734 4.600 245,000.00 245,000.00 245,458.15 FDIC Insured FDIC Insured State Bank Of India 1.65 1/21/2027 856285E31 0.04 1/21/2022 1/21/2027 1,117 1.650 245,000.00 245,000.00 222,638.85 FDIC Insured FDIC Insured State Exchange Bank Lamont Oklahoma 4.25 4/20/2028 856786AQ1 0.04 4/20/2023 4/20/2028 1,572 4.250 245,000.00 245,000.00 241,271.10 FDIC Insured FDIC Insured Summit National Bank WY 4.5 8/10/2028 86616RAG0 0.04 8/10/2023 8/10/2028 1,684 4.500 245,000.00 245,000.00 247,268.70 FDIC Insured FDIC Insured Synchrony Bank 3.2 5/20/2027 87165EW45 0.04 5/20/2022 5/20/2027 1,236 3.200 245,000.00 245,000.00 232,634.85 FDIC Insured FDIC Insured Tab Bank INC 4.75 5/12/2025 89388CGP7 0.04 5/10/2023 5/12/2025 498 4.750 245,000.00 245,000.00 244,115.55 FDIC Insured FDIC Insured Technology Credit Union 5 4/14/2026 87868YAM5 0.04 4/14/2023 4/14/2026 835 5.000 245,000.00 245,000.00 245,940.80 NCUA Insured NCUA Insured Texas Trust Credit Union 5 8/9/2027 88283MCB8 0.04 8/9/2023 8/9/2027 1,317 5.000 245,000.00 245,000.00 246,786.05 NCUA Insured NCUA Insured Third Fed Sav&Ln Clevlnd 1.95 11/25/2024 88413QCK2 0.04 11/25/2019 11/25/2024 330 1.950 245,000.00 245,000.00 238,113.05 FDIC Insured FDIC Insured Thread Bank Rogersville 4.4 6/16/2028 88553LAP4 0.04 6/16/2023 6/16/2028 1,629 4.400 245,000.00 245,000.00 250,385.10 FDIC Insured FDIC Insured Toyota Financial SGS BK 0.95 7/15/2026 89235MLC37 0.04 7/15/2021 7/15/2026 927 0.950 245,000.00 245,000.00 222,384.05 FDIC Insured FDIC Insured Triad Bank 4.5 9/12/2028 89579NCM3 0.04 9/12/2023 9/12/2028 1,717 4.500 245,000.00 245,000.00 244,372.80 FDIC Insured FDIC Insured Triad Business Bank 5 7/21/2025 89580DAY8 0.04 7/21/2023 7/21/2025 568 5.000 245,000.00 245,000.00 245,178.85 FDIC Insured FDIC Insured Trugrocer Federal CU 4.85 6/20/2028 89788RAA9 0.04 6/20/2023 6/20/2028 1,633 4.850 245,000.00 245,000.00 247,405.90 NCUA Insured NCUA Insured Trustar Bank 4.75 11/22/2028 89839KAD7 0.04 11/22/2023 11/22/2028 1,788 4.750 245,000.00 245,000.00 247,457.35 FDIC Insured FDIC Insured TTCU Federal Credit Union 5 7/26/2028 89854LAD5 0.04 7/26/2023 7/26/2028 1,669 5.000 245,000.00 245,000.00 249,172.35 NCUA Insured NCUA Insured Tucson Federal Credit 4.95 8/8/2028 898812AB8 0.04 8/8/2023 8/8/2028 1,682 4.950 245,000.00 245,000.00 248,763.20 NCUA Insured NCUA Insured UBS Bank USA 0.95 8/11/2026 90348JR93 0.04 8/11/2021 8/11/2026 954 0.950 245,000.00 245,000.00 221,531.45 FDIC Insured FDIC Insured Ukranian Federal Credit 4.8 5/8/2025 90372WAA8 0.04 5/8/2023 5/8/2025 494 4.800 245,000.00 245,000.00 244,267.45 NCUA Insured NCUA Insured Uncle Credit Union 5 1/25/2024 90307LAB0 0.04 1/25/2023 1/25/2024 25 5.000 245,000.00 245,000.00 244,909.35 NCUA Insured NCUA Insured United Fidelity BK FSB 4.5 6/29/2028 910286GN7 0.04 6/29/2023 6/29/2028 1,642 4.500 245,000.00 245,000.00 250,132.75 FDIC Insured FDIC Insured United Roosevelt Savings 4.8 5/19/2025 91139LAG1 0.04 5/19/2023 5/19/2025 505 4.800 245,000.00 245,000.00 244,289.50 FDIC Insured FDIC Insured United Teletech Finance Credit Union 5 10/16/2028 913065AB4 0.04 10/16/2023 10/16/2028 1,751 5.000 245,000.00 245,000.00 249,831.40 NCUA Insured NCUA Insured University Bank NA 4.85 4/3/2028 914098DQ8 0.04 4/3/2023 4/3/2028 1,555 4.850 245,000.00 245,000.00 246,893.85 FDIC Insured FDIC Insured University Credit Union 5.15 3/17/2025 914242AB8 0.04 3/17/2023 3/17/2025 442 5.150 245,000.00 245,000.00 245,198.45 NCUA Insured NCUA Insured University of Illinois Community CU 5.25 8/25/2025 914359AA2 0.04 8/23/2023 8/25/2025 603 5.250 245,000.00 245,000.00 246,337.70 NCUA Insured NCUA Insured Univest Bank & Trust Co 4.35 5/12/2028 91527PBY2 0.04 5/12/2023 5/12/2028 1,594 4.350 245,000.00 245,000.00 242,307.45 FDIC Insured FDIC Insured US Alliance FCU 4.55 5/26/2028 90352RDB8 0.04 5/26/2023 5/26/2028 1,608 4.550 245,000.00 245,000.00 244,311.55 NCUA Insured NCUA Insured Utah Community Federal Credit Union 4.7 10/28/2025 917352AD8 0.04 4/28/2023 10/28/2025 667 4.700 245,000.00 245,000.00 244,389.95 NCUA Insured NCUA Insured Utah First Fed Credit 4.75 7/14/2028 91739JAA3 0.04 7/14/2023 7/14/2028 1,657 4.750 245,000.00 245,000.00 252,479.85 NCUA Insured NCUA Insured Valleystar Credit Union 4.85 8/30/2028 92023CAG8 0.04 8/30/2023 8/30/2028 1,704 4.850 245,000.00 245,000.00 253,386.35 NCUA Insured NCUA Insured Veridian Credit Union 5.3 8/18/2025 92348DAD1 0.04 8/18/2023 8/18/2025 596 5.300 245,000.00 245,000.00 246,470.00 NCUA Insured NCUA Insured Viriva Credit Union 1.85 11/27/2024 92823NAA9 0.04 11/27/2019 11/27/2024 332 1.850 245,000.00 245,000.00 237,819.05 FDIC Insured FDIC Insured Vision Bank 4.05 5/12/2028 92834ABT2 0.04 5/12/2023 5/12/2028 1,594 4.050 245,000.00 245,000.00 239,401.75 FDIC Insured FDIC Insured Visions Federal Credit Union 5.65 9/29/2025 92838DAD8 0.04 9/29/2023 9/29/2025 638 5.650 245,000.00 245,000.00 248,197.25 NCUA Insured NCUA Insured Vystar Credit Union 4.45 10/7/2027 92891CCR1 0.04 10/7/2022 10/7/2027 1,376 4.450 245,000.00 245,000.00 242,481.40 FDIC Insured FDIC Insured Wells Fargo Bank 4.85 11/29/2024 9497633X2 0.04 11/28/2022 11/29/2024 334 4.850 245,000.00 245,000.00 244,404.65 NCUA Insured NCUA Insured Westreet Federal CU 5 5/19/2025 961442AE0 0.04 5/18/2023 5/19/2025 505 5.000 245,000.00 245,000.00 244,948.55 NCUA Insured NCUA Insured Workers Federal Credit Union 5.2 10/30/2028 98138MCA6 0.04 10/30/2023 10/30/2028 1,765 5.200 245,000.00 245,000.00 252,100.10 NCUA Insured NCUA Insured Sub Total / Average CD | Negotiable | 30 % 9.30 946 4.427 56,105,000.00 56,105,000.00 55,837,028.80 Joint Powers Authority Pool | 25 %
California Asset Management Trust LGIP CAMP 12.23 7/5/2023 N/A 1 5.550 73,823,652.34 73,823,652.34 73,823,652.34 NR S&P-AAA Sub Total / Average Joint Powers Authority Pool | 25 % 12.23 1 5.550 73,823,652.34 73,823,652.34 73,823,652.34 Medium Term Note | 30 %
Adobe Inc 3.25 2/1/2025-24 00724FAC5 0.50 3/20/2020 2/1/2025 398 2.649 3,000,000.00 3,081,780.00 2,947,380.00 Moodys-A2 S&P-A+ Amazon 1.2 6/3/2027-27 023135BR6 0.50 6/8/2022 6/3/2027 1,250 3.530 3,000,000.00 2,682,967.17 2,705,910.00 Moodys-A1 S&P-AA Bank of America Corp 4.125 1/22/2024 06051GFB0 0.50 3/18/2020 1/22/2024 22 2.950 3,000,000.00 3,127,140.00 2,997,540.00 Moodys-A1 S&P-A- Bank of NY Mellon Corp 3.4 5/15/2024-24 06406HCV9 0.50 3/18/2020 5/15/2024 136 2.615 3,000,000.00 3,092,190.00 2,974,830.00 Moodys-A1 S&P-A Berkshire Hathaway 2.3 3/15/2027-27 084664CZ2 0.50 3/15/2022 3/15/2027 1,170 2.300 3,000,000.00 3,000,000.00 2,837,400.00 Moodys-Aa2 S&P-AA
Description CUSIP/Ticker % of Portfolio Settlement Date Maturity Date Days To Maturity YTM @ Cost Face Amount/Shares Cost Value Market Value Credit Rating 1 Credit Rating 2 BMW US Capital LLC 1.25 8/12/2026-26 05565EBW4 0.50 2/14/2022 8/12/2026 955 2.300 3,000,000.00 2,866,200.00 2,749,710.00 Moodys-A2 S&P-A Caterpillar Financial Services 1.7 1/8/2027 14913R2U0 0.50 3/11/2022 1/8/2027 1,104 2.430 3,000,000.00 2,900,826.00 2,772,330.00 Moodys-A2 S&P-A Coca-Cola Co 1.75 9/6/2024 191216CL2 0.17 3/25/2020 9/6/2024 250 2.592 1,036,000.00 999,574.24 1,012,669.28 Moodys-A1 S&P-A+ Estee Lauder Co Inc 2 12/1/2024 29736RAN0 0.33 3/20/2020 12/1/2024 336 2.537 2,000,000.00 1,952,680.00 1,942,980.00 Moodys-A1 S&P-A Guardian Life Global Funding 5.737 10/2/2028 40139LBH5 0.50 10/5/2023 10/2/2028 1,737 5.807 3,000,000.00 2,991,000.00 3,147,180.00 Moodys-Aa1 S&P-AA+ Home Depot Inc 1.5 9/15/2028-28 437076CH3 0.50 9/29/2023 9/15/2028 1,720 5.200 3,000,000.00 2,520,000.00 2,659,530.00 Moodys-A2 S&P-A Home Depot Inc 3.75 2/15/2024-23 437076BC5 0.21 3/27/2020 2/15/2024 46 2.452 1,270,000.00 1,330,680.60 1,266,609.10 Moodys-A2 S&P-A Honeywell International 2.3 8/15/2024 438516BW5 0.33 3/25/2020 8/15/2024 228 2.430 2,000,000.00 1,989,214.00 1,964,380.00 Moodys-A2 S&P-A Intel Corp 3.4 3/25/2025-25 458140BP4 0.33 2/8/2021 3/25/2025 450 0.760 2,000,000.00 2,214,260.00 1,965,940.00 Moodys-A2 S&P-A John Deere Capital Corp 2.6 3/7/2024 24422EUX5 0.33 6/25/2019 3/7/2024 67 2.385 2,000,000.00 2,019,036.00 1,988,620.00 Moodys-A2 S&P-A John Deere Capital Corp 3.45 3/13/2025 24422EUE7 0.17 3/20/2020 3/13/2025 438 2.801 1,000,000.00 1,029,970.00 984,820.00 Moodys-A2 S&P-A JP Morgan Chase & Co 3.125 1/23/2025-24 46625HKC3 0.50 3/19/2020 1/23/2025 389 2.815 3,000,000.00 3,041,760.00 2,936,910.00 Moodys-A1 S&P-A- Mars INC 0.875 7/16/2026-26 571676AJ4 0.33 8/11/2021 7/16/2026 928 1.110 1,995,000.00 1,972,516.35 1,820,437.50 Moodys-A1 S&P-A+ Mars Inc 4.55 4/20/2028-28 571676AT2 0.33 8/21/2023 4/20/2028 1,572 5.240 2,000,000.00 1,943,400.00 2,010,640.00 Moodys-A1 S&P-A+ Mass Institute of Tech 3.308 7/1/2026-14 575718AD3 0.50 1/21/2022 7/1/2026 913 1.780 3,000,000.00 3,195,000.00 2,901,600.00 Moodys-Aaa S&P-AAA Massmutual Global Funding 1.2 7/16/2026 57629WDE7 0.50 7/16/2021 7/16/2026 928 1.180 3,000,000.00 3,002,880.00 2,738,670.00 Moodys-Aa3 S&P-AA+ Mastercard Inc 2 3/3/2025 57636QAN4 0.81 3/26/2020 3/3/2025 428 2.500 4,883,000.00 4,770,251.53 4,730,601.57 Moodys-Aa3 S&P-A+ Met Life Global 1.875 1/11/2027 59217GER6 0.33 2/8/2022 1/11/2027 1,107 2.350 2,000,000.00 1,956,047.61 1,826,280.00 Moodys-Aa3 S&P-AA- Met Tower Global Funding 1.25 9/14/2026 58989V2D5 0.20 10/25/2021 9/14/2026 988 1.530 1,228,000.00 1,211,866.41 1,116,988.80 Moodys-Aa3 S&P-AA- Meta Platforms INC 4.6 5/15/2028-28 30303M8L9 0.50 10/4/2023 5/15/2028 1,597 5.220 3,000,000.00 2,924,400.00 3,043,770.00 Moodys-A1 S&P-AA- National Securities Clearing 5 5/30/2028-28 637639AK1 0.50 8/21/2023 5/30/2028 1,612 5.323 3,000,000.00 2,959,380.00 3,056,190.00 Moodys-Aaa S&P-AA+ Nestle Holdings Inc 1.15 1/14/2027-26 641062AV6 0.33 2/8/2022 1/14/2027 1,110 2.230 2,000,000.00 1,899,620.00 1,816,500.00 Moodys-Aa3 S&P-AA- New York Life Global FDG 0.85 1/15/2026 64952WDW0 0.50 7/1/2021 1/15/2026 746 1.100 3,000,000.00 2,966,880.00 2,771,790.00 Moodys-Aaa S&P-AA+ Northwest Mutual Global 1.75 1/11/2027 66815L2F5 0.33 2/14/2022 1/11/2027 1,107 2.300 2,000,000.00 1,949,204.75 1,829,500.00 Moodys-Aaa S&P-AA+ Pricoa Global Funding 1.2 9/1/2026 74153WCP2 0.33 9/23/2021 9/1/2026 975 1.180 2,000,000.00 2,001,900.00 1,816,220.00 Moodys-Aa3 S&P-AA- Pricoa Global Funding 1.2 9/1/2026 74153WCP2 0.17 10/4/2021 9/1/2026 975 1.300 1,000,000.00 995,256.00 908,110.00 Moodys-Aa3 S&P-AA- Qualcomm Inc 3.45 5/20/2025-25 747525AF0 0.16 3/11/2022 5/20/2025 506 2.477 974,000.00 1,002,879.10 956,282.94 Moodys-A2 S&P-A Qualcomm Inc 3.45 5/20/2025-25 747525AF0 0.45 3/11/2022 5/20/2025 506 2.477 2,700,000.00 2,780,055.00 2,650,887.00 Moodys-A2 S&P-A State Street Corp 3.55 8/18/2025 857477AT0 0.50 3/11/2022 8/18/2025 596 2.560 3,000,000.00 3,097,050.00 2,943,360.00 Moodys-A1 S&P-A Target Corp 1.95 1/15/2027-22 87612EBM7 0.50 1/31/2022 1/15/2027 1,111 1.950 3,000,000.00 3,000,000.00 2,798,910.00 Moodys-A2 S&P-A Toyota Motor Credit 3.35 1/8/2024 89236TFS9 0.33 1/8/2019 1/8/2024 8 3.356 2,000,000.00 1,999,460.00 1,999,300.00 Moodys-A1 S&P-A+ Toyota Motor Credit Corp 5.25 9/11/2028-23 89236TLB9 0.33 10/5/2023 9/11/2028 1,716 5.550 2,000,000.00 1,974,330.00 2,070,920.00 Moodys-A1 S&P-A+ Truist Bank 3.2 4/1/2024-24 86787EBC0 0.50 12/11/2019 4/1/2024 92 2.198 3,000,000.00 3,122,760.00 2,980,230.00 Moodys-A2 S&P-A Unilever Capital Corp 3.375 3/22/2025-25 904764BB2 0.08 3/24/2020 3/22/2025 447 2.798 500,000.00 513,360.00 491,535.00 Moodys-A1 S&P-A+ Unilever Capital Corp 3.375 3/22/2025-25 904764BB2 0.25 3/24/2020 3/22/2025 447 2.752 1,500,000.00 1,543,305.00 1,474,605.00 Moodys-A1 S&P-A+ Unilever Capital Corp 4.875 9/8/2028-28 904764BS5 0.33 9/25/2023 9/8/2028 1,713 5.210 2,000,000.00 1,971,020.00 2,052,500.00 Moodys-A1 S&P-A+ Walmart Inc 2.85 7/8/2024 931142EL3 0.50 3/24/2020 7/8/2024 190 2.667 3,000,000.00 3,022,020.00 2,962,350.00 Moodys-Aa2 S&P-AA Walt Disney Company 1.75 8/30/2024 254687FK7 0.50 9/12/2019 8/30/2024 243 2.016 3,000,000.00 2,962,530.00 2,929,710.00 Moodys-A2 S&P-A- Sub Total / Average Medium Term Note | 30 % 16.91 795 2.818 102,086,000.00 101,576,649.76 98,552,626.19 Money Market | 20 %
Morgan Stanley Institutional Liquidity Fund - Gov. 61747C319 5.91 7/29/2022 N/A 1 5.250 35,690,709.66 35,690,709.66 35,690,709.66 Moodys-Aaa S&P-AAA Sub Total / Average Money Market | 20 % 5.91 1 5.250 35,690,709.66 35,690,709.66 35,690,709.66 Municipal Bonds | 30 %
Bay Area Toll Authority 1.433 4/1/2027-21 072024XD9 0.14 6/16/2022 4/1/2027 1,187 4.200 815,000.00 718,023.15 741,992.30 Moodys-Aa3 S&P-AA Beverly Hills Public Financing Authority 1.147 6/1 088006KA8 0.30 3/14/2022 6/1/2026 883 2.280 1,800,000.00 1,718,478.00 1,649,970.00 NR S&P-AA+ Burbank CA Unified School District 1.367 8/1/2026 12082SDN1 0.10 11/10/2022 8/1/2026 944 5.050 620,000.00 543,324.60 572,886.20 Moodys-Aa2 None Ca State Health Facilities0.952 6/1/2025-20 13032UXM5 0.17 11/4/2020 6/1/2025 518 0.952 1,000,000.00 1,000,000.00 946,920.00 Moodys-Aa3 S&P-AA- Ca State Health Facilities Financing Authority 1.3 13032UXP8 0.21 6/7/2022 6/1/2027 1,248 3.620 1,255,000.00 1,127,178.25 1,133,490.90 Moodys-Aa3 S&P-AA- Ca State Health Facilities Financing Authority 3.0 13032UC30 0.17 4/7/2022 6/1/2026 883 3.044 1,000,000.00 1,000,000.00 964,820.00 Moodys-Aa3 S&P-AA-
Description CUSIP/Ticker % of Portfolio Settlement Date Maturity Date Days To Maturity YTM @ Cost Face Amount/Shares Cost Value Market Value Credit Rating 1 Credit Rating 2 Ca State Infrastructure & Econ Dev Bank Revenu 13034AL65 0.08 12/17/2020 10/1/2025 640 0.765 500,000.00 500,000.00 467,055.00 NR S&P-AAA CA State University Revenue 1.138 11/1/2026-20 13077DMM1 0.08 6/14/2022 11/1/2026 1,036 3.900 500,000.00 444,875.00 456,060.00 Moodys-Aa2 S&P-AA- CA State University Revenue 1.142 11/1/2026-21 13077DQE5 0.09 6/16/2022 11/1/2026 1,036 4.171 540,000.00 475,200.00 492,598.80 Moodys-Aa2 S&P-AA- Connecticut Housing 2.047 5/15/2024 20775C6B5 0.13 10/29/2019 5/15/2024 136 2.047 800,000.00 800,000.00 791,408.00 Moodys-Aaa S&P-AAA Florida State Board of Public Education 0.55 6/1/2 34153QUD6 0.50 10/26/2020 6/1/2025 518 0.620 3,000,000.00 2,990,490.00 2,830,110.00 Moodys-Aaa S&P-AAA General Obligation Unltd 4.506 5/15/2028-23 20772KTK5 0.17 6/22/2023 5/15/2028 1,597 4.506 1,000,000.00 1,000,000.00 1,008,390.00 Moodys-Aa3 S&P-AA- Hawaii State 1.283 8/1/2026-21 419792G26 0.50 6/15/2022 8/1/2026 944 3.624 3,000,000.00 2,732,940.00 2,773,530.00 Moodys-Aa2 S&P-AA+ Long Beach 4 5/15/2024 542424VY9 0.35 3/24/2020 5/15/2024 136 2.401 2,135,000.00 2,268,843.15 2,144,543.45 Moodys-Aa2 NR Maryland State 3.15 6/1/2026 574193VR6 0.50 6/22/2022 6/1/2026 883 3.351 3,000,000.00 2,977,950.00 2,901,630.00 Moodys-Aaa S&P-AAA Massachusetts State School Building Authority 1.13 576000ZF3 0.30 4/25/2022 8/15/2026 958 3.300 1,800,000.00 1,644,678.00 1,649,628.00 Moodys-Aa2 S&P-AA+ Massachusetts State Special Obligation Revenue 3.6 576004HD0 0.33 8/30/2022 7/15/2027 1,292 3.680 2,000,000.00 2,000,000.00 1,961,920.00 Moodys-Aa1 NR New York State 2.36 2/15/2027-19 649791PS3 0.50 5/4/2022 2/15/2027 1,142 3.309 3,000,000.00 2,874,990.00 2,828,520.00 Moodys-Aa1 S&P-AA+ New York State Dormitory Authority 1.187 3/15/2026 64990FD50 0.12 6/23/2021 3/15/2026 805 1.187 750,000.00 750,000.00 699,795.00 NR S&P-AA+ New York Urban Development 2.35 3/15/2027-19 64985TBB6 0.33 4/22/2022 3/15/2027 1,170 3.500 2,000,000.00 1,897,260.00 1,883,060.00 Moodys-Aa1 NR New York Urban Development 3.15 3/15/2027-17 6500357E2 0.19 4/6/2022 3/15/2027 1,170 3.120 1,125,000.00 1,126,518.75 1,075,466.25 Moodys-Aa1 NR NY Dormitory Authority 1.538 3/15/2027-21 64990FD68 0.39 3/18/2022 3/15/2027 1,170 2.740 2,365,000.00 2,233,198.55 2,180,600.95 NR S&P-AA+ NY Housing Development 1.161 5/1/2026 64972EVX4 0.13 6/9/2022 5/1/2026 852 3.662 770,000.00 700,700.00 707,868.70 Moodys-Aa2 S&P-AA+ NYC Transitional Finance Authority 2.11 5/1/2026 64971XLR7 0.18 6/24/2021 5/1/2026 852 1.100 1,100,000.00 1,152,349.00 1,042,833.00 Moodys-Aa1 S&P-AAA NYC Transitional Finance Authority Revenue 1.55 5/ 64971XSY5 0.66 5/3/2023 5/1/2028 1,583 4.330 4,000,000.00 3,505,320.00 3,557,600.00 Moodys-Aa1 S&P-AAA Oakland California Pension 4.676 12/15/2025-24 672319CF5 0.24 1/27/2021 12/15/2025 715 1.168 1,430,000.00 1,667,380.00 1,429,556.70 Moodys-Aa1 S&P-AA+ Oregon State Lottery Revenue 3.321 4/1/2027-22 68607V3L7 0.12 5/4/2022 4/1/2027 1,187 3.321 750,000.00 750,000.00 728,025.00 Moodys-Aa2 S&P-AAA Poway Unif SD 2.042 8/1/2024 738850SX5 0.20 10/16/2019 8/1/2024 214 2.042 1,235,000.00 1,235,000.00 1,211,905.50 NR S&P-AA- San Diego Public Facilities Financing Authority 2. 79730CJL9 0.42 8/26/2022 8/1/2027 1,309 3.737 2,520,000.00 2,324,851.20 2,314,846.80 Moodys-Aa2 NR San Francisco CA 3.038 1/1/2024 79766DNX3 0.07 2/26/2019 1/1/2024 1 3.038 450,000.00 450,000.00 450,000.00 Moodys-A1 S&P-A+ San Francisco Redev Agy Successor Agy 1.861 8/1/20 79770GJC1 0.50 12/17/2021 8/1/2026 944 1.550 3,000,000.00 3,041,430.00 2,791,860.00 NR S&P-AA Santa Barbara Unified School District 1.603 8/1/20 801315LK6 0.07 9/29/2023 8/1/2028 1,675 5.240 400,000.00 338,512.00 355,360.00 Moodys-Aa1 S&P-AA Santa Monica-Malibu Unified School District 0.849 802498ZA6 0.13 4/20/2022 8/1/2026 944 3.039 810,000.00 739,287.00 737,424.00 Moodys-Aa1 S&P-AA+ South Gate Utility Authority 2.224 10/1/2024 83789TBQ1 0.17 12/18/2019 10/1/2024 275 2.224 1,000,000.00 1,000,000.00 979,570.00 NR S&P-AA- State of California 0.752 6/1/2024-20 13032UXL7 0.10 11/4/2020 6/1/2024 153 0.752 600,000.00 600,000.00 589,134.00 Moodys-Aa3 S&P-AA- State of Connecticut 3.875 6/15/2028-22 20772KQL6 0.52 9/19/2023 6/15/2028 1,628 4.870 3,150,000.00 3,018,582.00 3,097,300.50 Moodys-Aa3 S&P-AA- State of Maine 4.75 6/1/2028 56052AJ49 0.05 6/22/2023 6/1/2028 1,614 4.641 325,000.00 326,553.50 332,738.25 Moodys-Aa2 S&P-AA Tennessee State School Bond Authority 1.515 9/15/2 8805573E1 0.50 5/9/2022 9/15/2026 989 3.450 3,000,000.00 2,766,420.00 2,764,680.00 Moodys-Aa1 S&P-AA+ Univ of California Revenues 3.309 5/15/2026-21 91412GXC4 0.31 1/28/2022 5/15/2026 866 1.830 1,900,000.00 2,015,577.00 1,847,237.00 Moodys-Aa2 S&P-AA University of California CA Revenues 1.316 5/15/20 91412HGF4 0.50 5/16/2022 5/15/2027 1,231 3.600 3,000,000.00 2,689,140.00 2,716,560.00 Moodys-Aa2 S&P-AA University of California Revenues 1.372 5/15/2028- 91412HJP9 0.07 10/4/2023 5/15/2028 1,597 5.200 450,000.00 380,128.50 397,066.50 Moodys-Aa2 S&P-AA Utah State Transit Authority 1.411 12/15/2026-21 917567GA1 0.15 5/4/2022 12/15/2026 1,080 3.550 890,000.00 809,624.10 816,904.30 Moodys-Aa2 S&P-AA+ Utah State Transit Authority 1.411 12/15/2026-21 917567GA1 0.16 5/20/2022 12/15/2026 1,080 3.750 965,000.00 871,009.00 885,744.55 Moodys-Aa2 S&P-AA+ West Hollywood CA Lease Revenue 1.95 4/1/2027-20 95332RDK2 0.15 5/25/2022 4/1/2027 1,187 3.800 895,000.00 822,263.35 827,382.75 NR S&P-AA+ Wisconsin State 2.141 5/1/2027-27 97705MZM0 0.25 1/30/2023 5/1/2027 1,217 3.777 1,525,000.00 1,427,814.94 1,426,149.50 Moodys-Aa1 S&P-AA+ Wisconsin State 2.141 5/1/2027-27 97705MZD0 0.24 1/30/2023 5/1/2027 1,217 3.777 1,475,000.00 1,381,001.33 1,350,937.75 Moodys-Aa1 S&P-AA+ Sub Total / Average Municipal Bonds | 30 % 11.54 1,016 3.087 69,645,000.00 66,836,890.37 65,513,079.65 Supranational Obligations | 15 %
IADB 0.875 4/20/2026 4581X0DV7 0.50 4/20/2021 4/20/2026 841 0.940 3,000,000.00 2,990,490.00 2,781,330.00 Moodys-Aaa S&P-AAA IBRD Supranational 0.6 2/18/2026-22 45905U5Y6 0.50 2/18/2021 2/18/2026 780 0.600 3,000,000.00 3,000,000.00 2,766,900.00 Moodys-Aaa S&P-AAA IBRD Supranational 0.65 2/10/2026-21 459058JS3 0.50 2/10/2021 2/10/2026 772 0.650 3,000,000.00 3,000,000.00 2,773,620.00 Moodys-Aaa S&P-AAA Inter-American Devel BK 1.5 1/13/2027 4581X0EB0 0.50 1/13/2022 1/13/2027 1,109 1.530 3,000,000.00 2,995,680.00 2,778,120.00 Moodys-Aaa S&P-AAA International Finance Corp 2.65 6/24/2024 45950VRF5 0.50 8/19/2022 6/24/2024 176 3.451 3,000,000.00 2,957,279.76 2,958,090.00 Moodys-Aaa S&P-AAA Intl Bk Recon & Develop 0.875 7/15/2026 459058JX2 0.50 11/16/2021 7/15/2026 927 1.200 3,000,000.00 2,955,888.00 2,762,940.00 Moodys-Aaa S&P-AAA Intl Bk Recon & Develop 4 9/9/2027-24 45906M3G4 0.50 9/9/2022 9/9/2027 1,348 4.000 3,000,000.00 3,000,000.00 2,941,620.00 Moodys-Aaa S&P-AAA Intl Finance Corp 0.75 10/8/2026 45950KCX6 0.50 1/12/2022 10/8/2026 1,012 1.550 3,000,000.00 2,890,732.98 2,736,990.00 Moodys-Aaa S&P-AAA
Description CUSIP/Ticker % of Portfolio Settlement Date Maturity Date Days To Maturity YTM @ Cost Face Amount/Shares Cost Value Market Value Credit Rating 1 Credit Rating 2 Sub Total / Average Supranational Obligations | 15 % 3.98 871 1.740 24,000,000.00 23,790,070.74 22,499,610.00 US Agency | 90 %
FFCB 1.54 11/30/2026-22 3133ENFN5 0.50 11/30/2021 11/30/2026 1,065 1.540 3,000,000.00 3,000,000.00 2,770,410.00 Moodys-Aaa S&P-AA+ FFCB 1.78 1/26/2027-23 3133ENLZ1 0.50 1/26/2022 1/26/2027 1,122 1.780 3,000,000.00 3,000,000.00 2,790,630.00 Moodys-Aaa S&P-AA+ FFCB 4.67 5/30/2028 3133EPLE3 0.50 5/30/2023 5/30/2028 1,612 4.670 3,000,000.00 3,000,000.00 2,982,090.00 Moodys-Aaa S&P-AA+ FFCB 5.33 12/20/2027-23 3133EN4K3 0.50 12/20/2022 12/20/2027 1,450 5.330 3,000,000.00 3,000,000.00 2,983,410.00 Moodys-Aaa S&P-AA+ FFCB 5.5 12/20/2027-23 3133EN4L1 0.50 12/20/2022 12/20/2027 1,450 5.523 3,000,000.00 2,997,000.00 2,987,670.00 Moodys-Aaa S&P-AA+ FHLB 0 2/6/2024 313384ST7 0.17 6/1/2023 2/6/2024 37 5.309 1,000,000.00 964,444.44 994,290.00 Moodys-Aaa S&P-AA+ FHLB 0.54 10/29/2025-21 3130AKCT1 0.50 11/6/2020 10/29/2025 668 0.571 3,000,000.00 2,995,500.00 2,791,800.00 Moodys-Aaa S&P-AA+ FHLB 0.6 1/28/2026-21 3130AKPC4 0.50 1/28/2021 1/28/2026 759 0.600 3,000,000.00 3,000,000.00 2,779,320.00 Moodys-Aaa S&P-AA+ FHLB 0.625 1/22/2026-21 3130AKQ74 0.50 1/22/2021 1/22/2026 753 0.625 3,000,000.00 3,000,000.00 2,782,500.00 Moodys-Aaa S&P-AA+ FHLB 0.65 2/26/2026-21 3130AKZ25 0.50 2/26/2021 2/26/2026 788 0.650 3,000,000.00 3,000,000.00 2,773,080.00 Moodys-Aaa S&P-AA+ FHLB 0.72 7/14/2025-23 3130AN4N7 0.17 3/3/2023 7/14/2025 561 5.102 1,000,000.00 903,560.00 945,780.00 Moodys-Aaa S&P-AA+ FHLB 0.75 2/24/2026-21 3130ALCV4 0.50 2/24/2021 2/24/2026 786 0.750 3,000,000.00 3,000,000.00 2,777,820.00 Moodys-Aaa S&P-AA+ FHLB 0.8 3/16/2026-21 3130ALDN1 0.50 3/16/2021 3/16/2026 806 0.800 3,000,000.00 3,000,000.00 2,776,050.00 Moodys-Aaa S&P-AA+ FHLB 0.85 5/27/2026-22 3130AMLF7 0.50 5/27/2021 5/27/2026 878 0.850 3,000,000.00 3,000,000.00 2,759,250.00 Moodys-Aaa S&P-AA+ FHLB 0.875 3/23/2026-21 3130ALGC2 0.50 3/23/2021 3/23/2026 813 0.875 3,000,000.00 3,000,000.00 2,778,900.00 Moodys-Aaa S&P-AA+ FHLB 0.9 8/26/2026-22 3130ANLZ1 0.50 8/26/2021 8/26/2026 969 0.900 3,000,000.00 3,000,000.00 2,743,650.00 Moodys-Aaa S&P-AA+ FHLB 0.92 9/30/2026-22 3130AP2P9 0.50 9/30/2021 9/30/2026 1,004 0.920 3,000,000.00 3,000,000.00 2,736,030.00 Moodys-Aaa S&P-AA+ FHLB 1 10/14/2026-22 3130AP6U4 0.50 10/14/2021 10/14/2026 1,018 1.000 3,000,000.00 3,000,000.00 2,739,240.00 Moodys-Aaa S&P-AA+ FHLB 1.01 9/23/2026-22 3130ANW71 0.50 9/23/2021 9/23/2026 997 1.010 3,000,000.00 3,000,000.00 2,744,670.00 Moodys-Aaa S&P-AA+ FHLB 1.05 6/26/2026-21 3130AMWT5 0.50 6/30/2021 6/26/2026 908 1.064 3,000,000.00 2,997,900.00 2,767,140.00 Moodys-Aaa S&P-AA+ FHLB 1.08 10/14/2026-22 3130AP6Z3 0.50 10/14/2021 10/14/2026 1,018 1.080 3,000,000.00 3,000,000.00 2,745,450.00 Moodys-Aaa S&P-AA+ FHLB 1.1 10/13/2026-22 3130APB87 0.50 10/14/2021 10/13/2026 1,017 1.167 3,000,000.00 2,990,250.00 2,747,250.00 Moodys-Aaa S&P-AA+ FHLB 1.1 10/21/2026-22 3130APAY1 0.36 10/21/2021 10/21/2026 1,025 1.121 2,200,000.00 2,197,800.00 2,013,264.00 Moodys-Aaa S&P-AA+ FHLB 1.125 7/15/2026-21 3130AMYP1 0.50 7/15/2021 7/15/2026 927 1.125 3,000,000.00 3,000,000.00 2,769,750.00 Moodys-Aaa S&P-AA+ FHLB 1.15 10/26/2026-21 3130AP4H5 0.50 10/26/2021 10/26/2026 1,030 1.150 3,000,000.00 3,000,000.00 2,748,090.00 Moodys-Aaa S&P-AA+ FHLB 1.4 11/16/2026-22 3130APL37 0.50 11/16/2021 11/16/2026 1,051 1.400 3,000,000.00 3,000,000.00 2,762,070.00 Moodys-Aaa S&P-AA+ FHLB 1.45 11/23/2026-21 3130APPW9 0.50 11/23/2021 11/23/2026 1,058 1.450 3,000,000.00 3,000,000.00 2,764,590.00 Moodys-Aaa S&P-AA+ FHLB 1.5 11/23/2026-21 3130APVJ1 0.50 11/23/2021 11/23/2026 1,058 1.500 3,000,000.00 3,000,000.00 2,768,610.00 Moodys-Aaa S&P-AA+ FHLB 1.5 11/23/2026-21 3130APQB4 0.50 11/23/2021 11/23/2026 1,058 1.500 3,000,000.00 3,000,000.00 2,768,610.00 Moodys-Aaa S&P-AA+ FHLB 1.55 12/22/2026-22 3130AQ5C3 0.50 12/22/2021 12/22/2026 1,087 1.550 3,000,000.00 3,000,000.00 2,767,560.00 Moodys-Aaa S&P-AA+ FHLB 1.6 12/17/2026-22 3130APXT7 0.50 12/17/2021 12/17/2026 1,082 1.600 3,000,000.00 3,000,000.00 2,772,690.00 Moodys-Aaa S&P-AA+ FHLB 1.61 12/30/2026-22 3130AQ5P4 0.50 12/30/2021 12/30/2026 1,095 1.610 3,000,000.00 3,000,000.00 2,770,920.00 Moodys-Aaa S&P-AA+ FHLB 1.625 12/30/2026-22 3130AQAB9 0.50 12/30/2021 12/30/2026 1,095 1.625 3,000,000.00 3,000,000.00 2,772,180.00 Moodys-Aaa S&P-AA+ FHLB 1.8 1/14/2027 3130AQBS1 0.50 1/14/2022 1/14/2027 1,110 1.800 3,000,000.00 3,000,000.00 2,794,500.00 Moodys-Aaa S&P-AA+ FHLB 1.85 2/17/2027-22 3130AQNS8 0.50 2/17/2022 2/17/2027 1,144 1.850 3,000,000.00 3,000,000.00 2,792,370.00 Moodys-Aaa S&P-AA+ FHLB 1.9 2/17/2027-22 3130AQPE7 0.50 2/17/2022 2/17/2027 1,144 1.900 3,000,000.00 3,000,000.00 2,796,720.00 Moodys-Aaa S&P-AA+ FHLB 1.9 2/23/2027-23 3130AQTC7 0.50 2/23/2022 2/23/2027 1,150 1.900 3,000,000.00 3,000,000.00 2,795,700.00 Moodys-Aaa S&P-AA+ FHLB 2 2/25/2027-22 3130AQRH8 0.50 2/25/2022 2/25/2027 1,152 2.000 3,000,000.00 3,000,000.00 2,804,100.00 Moodys-Aaa S&P-AA+ FHLB 2 2/25/2027-22 3130AQRQ8 0.50 2/25/2022 2/25/2027 1,152 2.000 3,000,000.00 3,000,000.00 2,804,100.00 Moodys-Aaa S&P-AA+ FHLB 2.05 2/25/2027-22 3130AQUY7 0.50 2/25/2022 2/25/2027 1,152 2.050 3,000,000.00 3,000,000.00 2,808,450.00 Moodys-Aaa S&P-AA+ FHLB 2.14 2/25/2027-22 3130AQW58 0.40 2/25/2022 2/25/2027 1,152 2.203 2,400,000.00 2,392,800.00 2,253,096.00 Moodys-Aaa S&P-AA+ FHLB 2.2 3/29/2027-23 3130ARB34 0.50 3/29/2022 3/29/2027 1,184 2.200 3,000,000.00 3,000,000.00 2,817,690.00 Moodys-Aaa S&P-AA+ FHLB 2.2 3/4/2027-22 3130AQVH3 0.50 3/4/2022 3/4/2027 1,159 2.200 3,000,000.00 3,000,000.00 2,821,380.00 Moodys-Aaa S&P-AA+ FHLB 2.25 3/4/2027-22 3130AQX65 0.50 3/4/2022 3/4/2027 1,159 2.250 3,000,000.00 3,000,000.00 2,825,760.00 Moodys-Aaa S&P-AA+ FHLB 2.3 3/29/2027-23 3130ARBF7 0.50 3/29/2022 3/29/2027 1,184 2.300 3,000,000.00 3,000,000.00 2,826,690.00 Moodys-Aaa S&P-AA+ FHLB 2.5 2/25/2027-22 3130AQYG2 0.50 2/28/2022 2/25/2027 1,152 2.500 3,000,000.00 3,000,000.00 2,847,840.00 Moodys-Aaa S&P-AA+ FHLB 2.5 3/10/2027-22 3130AQYY3 0.50 3/10/2022 3/10/2027 1,165 2.500 3,000,000.00 3,000,000.00 2,847,060.00 Moodys-Aaa S&P-AA+ FHLB 2.6 3/25/2027-22 3130AR7E5 0.50 3/25/2022 3/25/2027 1,180 2.600 3,000,000.00 3,000,000.00 2,854,140.00 Moodys-Aaa S&P-AA+
Description CUSIP/Ticker % of Portfolio Settlement Date Maturity Date Days To Maturity YTM @ Cost Face Amount/Shares Cost Value Market Value Credit Rating 1 Credit Rating 2 FHLB 2.75 3/25/2027-22 3130ARAB7 0.50 3/30/2022 3/25/2027 1,180 2.750 3,000,000.00 3,000,000.00 2,867,610.00 Moodys-Aaa S&P-AA+ FHLB 2.75 3/8/2027-22 3130AQZT3 0.50 3/8/2022 3/8/2027 1,163 2.750 3,000,000.00 3,000,000.00 2,869,440.00 Moodys-Aaa S&P-AA+ FHLB 3 3/25/2027-22 3130ARDV0 0.50 4/8/2022 3/25/2027 1,180 3.000 3,000,000.00 3,000,000.00 2,889,990.00 Moodys-Aaa S&P-AA+ FHLB 3 4/20/2026-22 3130ARGN5 0.50 6/2/2022 4/20/2026 841 3.304 3,000,000.00 2,967,000.00 2,912,370.00 Moodys-Aaa S&P-AA+ FHLB 3 4/21/2027-22 3130ARGE5 0.50 4/21/2022 4/21/2027 1,207 3.000 3,000,000.00 3,000,000.00 2,891,280.00 Moodys-Aaa S&P-AA+ FHLB 3.5 4/28/2027-22 3130ARPB1 0.50 4/28/2022 4/28/2027 1,214 3.500 3,000,000.00 3,000,000.00 2,936,640.00 Moodys-Aaa S&P-AA+ FHLB 3.75 5/26/2027-23 3130ARYT2 0.50 5/26/2022 5/26/2027 1,242 3.750 3,000,000.00 3,000,000.00 2,956,530.00 Moodys-Aaa S&P-AA+ FHLB 4.875 6/14/2024 3130ATVC8 0.51 1/30/2023 6/14/2024 166 4.700 3,100,000.00 3,106,692.90 3,095,226.00 Moodys-Aaa S&P-AA+ FHLB 5 9/14/2027 3130AT3P0 0.50 9/28/2022 9/14/2027 1,353 5.000 3,000,000.00 3,000,000.00 2,972,580.00 Moodys-Aaa S&P-AA+ FHLB 5.05 2/22/2028-24 3130AUTL8 0.50 2/22/2023 2/22/2028 1,514 5.050 3,000,000.00 3,000,000.00 2,994,390.00 Moodys-Aaa S&P-AA+ FHLB 5.25 4/21/2028-23 3130AVNP3 0.41 5/18/2023 4/21/2028 1,573 5.296 2,500,000.00 2,495,000.00 2,481,525.00 Moodys-Aaa S&P-AA+ FHLB 5.55 3/8/2028-24 3130AV3V2 0.50 3/8/2023 3/8/2028 1,529 5.550 3,000,000.00 3,000,000.00 2,986,350.00 Moodys-Aaa S&P-AA+ FHLB 5.65 4/28/2028-23 3130AVSD5 0.50 4/28/2023 4/28/2028 1,580 5.650 3,000,000.00 3,000,000.00 2,987,520.00 Moodys-Aaa S&P-AA+ FHLB Step 8/12/2025-23 3130AKV78 0.17 3/3/2023 8/12/2025 590 5.102 1,000,000.00 901,205.00 945,310.00 Moodys-Aaa S&P-AA+ FHLMC 0.375 9/23/2025 3137EAEX3 0.50 2/16/2022 9/23/2025 632 1.885 3,000,000.00 2,842,922.59 2,799,990.00 Moodys-Aaa S&P-AA+ FHLMC 0.625 10/27/2025-21 3134GW3X2 0.50 10/27/2020 10/27/2025 666 0.625 3,000,000.00 3,000,000.00 2,796,810.00 Moodys-Aaa S&P-AA+ FHLMC 0.65 11/26/2025-21 3134GXFA7 0.50 11/30/2020 11/26/2025 696 0.650 3,000,000.00 3,000,000.00 2,788,800.00 Moodys-Aaa S&P-AA+ FHLMC 0.7 6/10/2025-23 3134GVB56 0.17 3/3/2023 6/10/2025 527 5.102 1,000,000.00 906,770.00 948,830.00 Moodys-Aaa S&P-AAA FHLMC 4 5/17/2027-22 3134GXSH8 0.50 5/17/2022 5/17/2027 1,233 4.000 3,000,000.00 3,000,000.00 2,980,020.00 Moodys-Aaa S&P-AA+ FHLMC 5.15 2/14/2025-24 3134GYJ29 0.50 2/14/2023 2/14/2025 411 5.150 3,000,000.00 3,000,000.00 2,999,400.00 Moodys-Aaa S&P-AA+ FHLMC 5.375 5/1/2025-23 3134GYQP0 0.50 5/1/2023 5/1/2025 487 5.375 3,000,000.00 3,000,000.00 2,993,880.00 Moodys-Aaa S&P-AA+ FHLMC 5.5 11/17/2025-23 3134GYQY1 0.50 5/17/2023 11/17/2025 687 5.500 3,000,000.00 3,000,000.00 2,994,840.00 Moodys-Aaa S&P-AA+ FHLMC 5.5 3/13/2025-24 3134GYML3 0.50 3/13/2023 3/13/2025 438 5.500 3,000,000.00 3,000,000.00 3,000,510.00 Moodys-Aaa S&P-AA+ FHLMC 5.65 9/15/2025-23 3134GYKY7 0.50 3/15/2023 9/15/2025 624 5.650 3,000,000.00 3,000,000.00 2,996,790.00 Moodys-Aaa S&P-AA+ FNMA 0.375 8/25/2025 3135GO5X7 0.50 3/15/2022 8/25/2025 603 2.050 3,000,000.00 2,833,704.00 2,804,760.00 Moodys-Aaa S&P-AA+ FNMA 0.56 11/17/2025-22 3135GA2Z3 0.50 11/17/2020 11/17/2025 687 0.560 3,000,000.00 3,000,000.00 2,786,820.00 Moodys-Aaa S&P-AA+ FNMA 0.65 11/18/2025-22 3135GA4P3 0.50 11/18/2020 11/18/2025 688 0.650 3,000,000.00 3,000,000.00 2,791,200.00 Moodys-Aaa S&P-AA+ Sub Total / Average US Agency | 90 % 35.66 1,006 2.452 215,200,000.00 214,492,548.93 203,733,771.00 US Treasury | No Limit
T-Note 0.25 7/31/2025 91282CAB7 0.50 3/29/2022 7/31/2025 578 2.605 3,000,000.00 2,775,234.38 2,809,560.00 Moodys-Aaa S&P-AA+ T-Note 0.5 5/31/2027 912828ZS2 0.50 6/14/2022 5/31/2027 1,247 3.277 3,000,000.00 2,621,250.00 2,671,170.00 Moodys-Aaa S&P-AA+ T-Note 1.5 8/15/2026 9128282A7 0.50 6/15/2022 8/15/2026 958 3.603 3,000,000.00 2,757,773.44 2,807,820.00 Moodys-Aaa S&P-AA+ T-Note 2 8/15/2025 912828K74 0.50 4/7/2022 8/15/2025 593 2.752 3,000,000.00 2,928,046.88 2,886,930.00 Moodys-Aaa S&P-AA+ T-Note 2.375 5/15/2027 912828X88 0.50 6/13/2022 5/15/2027 1,231 3.099 3,000,000.00 2,901,562.50 2,849,430.00 Moodys-Aaa S&P-AA+ T-Note 2.75 6/30/2025 912828XZ8 0.50 3/22/2022 6/30/2025 547 2.351 3,000,000.00 3,037,500.00 2,926,530.00 Moodys-Aaa S&P-AA+ T-Note 2.875 6/15/2025 91282CEU1 0.50 8/23/2022 6/15/2025 532 3.400 3,000,000.00 2,957,988.27 2,932,020.00 Moodys-Aaa S&P-AA+ T-Note 3 6/30/2024 91282CEX5 0.50 8/8/2022 6/30/2024 182 3.251 3,000,000.00 2,986,230.47 2,968,590.00 Moodys-Aaa S&P-AA+ T-Note 3 7/31/2024 91282CFA4 0.50 6/1/2023 7/31/2024 213 5.066 3,000,000.00 2,930,562.93 2,964,600.00 Moodys-Aaa S&P-AA+ Sub Total / Average US Treasury | No Limit 4.47 676 3.267 27,000,000.00 25,896,148.87 25,816,650.00 Total / Average 100 763 3.323 603,550,362.00 598,211,670.67 581,467,127.64